Packers create cap space with restructures to Jaire Alexander and Preston Smith

According to Ian Rapoport of the NFL Network, the Green Bay Packers converted the 2023 salary and roster bonuses of cornerback Jaire Alexander and outside linebacker Preston Smith into signing bonuses. Alexander and Smith will still be paid the same amount of dollars for this upcoming season as they agreed to at the time of their 2022 extensions, but now those dollars will be spread over the cap from 2023-2027 as a prorated signing bonus over five years instead of as a one-year salary.

Reworking Alexander’s payments will save the 2023 Packers $9.46 million in cap space while Smith’s adjustment will free up $6.67 million on the cap. These moves come off the heels of running back Aaron Jones’…