If the Packers want to acquire a free agent, as of 4:00 PM yesterday such free agents no longer count against the compensatory pick formula. I saw this tweet from Field Yates mentioning it. Many have hoped for a free agent defensive lineman like Snacks Harrison or someone a little more pricey like Jarran Reed.
The Packers might be interested in a wide receiver such as Taylor Gabriel, Rashad Higgins or Tavon Austin. Cornerbacks like Darqueeze Denard, Logan Ryan, or Jonathan Joseph if they do not like Tramon Williams all could be on their radar.
The Packers do not have much spendable cap space, probably a couple of million dollars.