The NFL announced that the salary cap limit for 2025 will be $279.2M.  The Packers did not spend every possible dime last year.  According to Overthecap, the Packers officially rolled over $15.11M in unused cap into the 2025 league year.  The table below summarizes the Packers' cap situation.

The NFL requires all teams to take the $907K workout charge using a formula applicable to all teams.  The formula is 80 players times $315 per day times 36 days.   This does not include the 8 Packers with big workout bonuses in the hundreds of thousands of dollars. So, some bottom of the roster player can earn $315 times 36 days, or a maximum of $11,340, which does count against the cap.  The actual charge is usually a couple of hundred thousand less than the placeholder amount.

The Packers have six ERFAs to whom they have not yet tendered an offer.  Those players are Daniel Whelan, Emanuel Wilson, Zayne Anderson, Bo Melton, Arron Mosby, and Kadeem Telfort, all of whom probably will get a tender.  Tenders are for the players respective minimum salaries and are not guaranteed.  Zayne Anderson has played more than 2 games in four seasons (but he only played enough to accrue a year in 2 of those years but he earned 4 "credited seasons" so his minimum will be $1.17M.  All of the ERFAs will make at least $960K and will displace the six players scheduled to earn $840K (players 46 to 51) .   

I expect the draft picks to cost a net of $2.972M to sign using OTC estimates.  For example, OTC expects the 23rd pick to have a cap number of $2.278M, and that player's contract can be expected to displace a player making $960K.  The sixth and two seventh round picks are expected to have first year cap number of around $860K, and might not affect the cap space while the Rule of 51 is in place. 

It costs salary cap space to elevate players from the practice squad.  I guessed that the Packers will use 21 elevations over the course of the 2025 season,  I also guessed that the 52nd contract would be for $960K and the 53rd player would be making the minimum salary of $840K.  I also included a $6M piggy bank to handle PUP, IR and in-season moves.  I had been using $5M for years but the salary cap keeps rising.   

Finally, I expect Jordan Love to play all 17 games.  He has a $600K game active bonus ($35K per game) and missed two games last year.  Jaire Alexander has a game active bonus of $38K per game and he missed 10 games last year.  If he played all 17 games for the Packers in 2025, it would reduce their cap space by $382K.  I did not include that because I do not think Jaire Alexander is going to be on the team at all.   

Ken Ingalls recently posted his salary cap estimates.  Click here to read his tweet.  Mr. Ingalls came up with $28.731M in spendable salary cap space, which is about $2.86M less than I estimated.  Most of that is due to a difference in how much the top 51 contracts add up to.  Note that OTC and Spotrac often do not agree as to the details of a player's contract.  For example, OTC listed Jaire Alexander with a cap number of $24.956M but Spotrac shows $25.521M, a difference of $525K.   I am just going to use $30M as a reasonable estimate for 2025.

THE PACKERS OWN FREE AGENTS:

The table below lists the Packers' important free agents.  I have listed how many snaps they played (with special teams in parenthesis), the price point I would pay, their probably first-year cap number and how much signing each player would reduce cap space.  Remember, while the Packers have been known to write contracts on a pay-as-you-go basis but pretty often they have used very low first-year cap numbers when signing free agents.  The Packers used a first year cap hit of $3.5M for Peppers on a deal that averaged $8.67M per year, which translates to 40.8% of his AAV.  Gutekunst has back-loaded some of his contracts: he signed McKinney for $16.75M AAV but assigned a $7.8M cap number for his first season (2024), which is just 46.56% of his AAV.  Guys who are signed for longer terms can have lower first-year cap numbers than guys who are signed to one-year deals, though both are subject to using void years.

McManus will turn 34 soon but they are going to re-sign him for something in the $4M to $5M AAV area, probably on a 3-year deal.  Myers is not good, but offensive linemen are scarce.  I would reluctantly offer up to $6M per year with as little as possible guaranteed after year one.  My over/under on Myers is $6M: I expect someone to sign him for $5M to $7.5M.  I used $6M and used a first year cap number of 66.7% because I want a fairly easy out as soon as possible.  

As for the others, most do not move the needle too far but they add up.  I think one of McDuffie and Wilson return, but not both.  The Packers won't carry more than 4 ILBs and they have 3 who are locks (Walker, Cooper, and Hopper).    Combined they played a lot of snaps, but I think Wilson's 321 special teams snaps breaks any tiebreakers.  McDuffie is young though, while Wilson turns 31 in September.  [Yes, I am aware that Spotrac estimates McDuffie's market value at $4.8M, and I have shrugged that off.] 

Fitzpatrick is a RFA.  The Packers will decline that and then sign him and Tyler Davis (and OT Andre Dillard) for their minimum salaries, if only because they should come cheap.  I expect the Packers to sign one of Stokes and Ballentine because they are cornerbacks who did not get lit up too badly when they had to play.  Does Stokes think his injury robbed him of some of his physical ability, enough so that he thinks he should just take the most money he can get, or does he want a prove-it year with a team who might let him play?  If the latter, is that team the Packers?  Stokes played 1 snap in the wild card game and no special teams snaps whereas Ballentine (and Rochell) got only ST snaps.  Ballentine played 488 snaps in 2023, albeit due to injury, but dropped down to 76 in 2024 with 2 healthy scratches.  He seems like the quintessential 5th (or 6th) cornerback on a team.  The Packers gave Ballentine a $500K signing bonus, a $100K workout bonus, and a $220K game active bonus (which probably explains those healthy scratches) last year and ended up paying him $2.01M for 2024.  What are the Packers going to do with Alexander?  I would like to see one of Stokes/Ballentine return.   

I forgot TJ Slaton.  OTC thinks he is worth $2.05M whereas Spotrac $3.8M.   I am hoping to address this in the draft.  I would offer Slaton up to $3.8M but it would be on a pay-as-you-go basis.  That means no signing bonus and no guaranteed money.  If the team drafts a DT high and he looks good, I let Slaton go in August.  

Even after signing Preston and Zadarius Smith, Adrian Amos, and Billy Turner, General Manager Brian Gutekunst still left himself $5.73M in cap space to roll into 2020 and he rolled $3.67M in cap space into 2021, so I expect him to leave a couple of million in cap space to roll over into 2026.  The Packers might also address Zach Tom's contract, while keeping in mind that Rasheed Walker, Quay Walker, Devonte Wyatt, Chrisitan Watson, Sean Rhyan, Malik Willis, and Romeo Doubs are all scheduled to be unrestricted free agents in 2026. 

If the Packers retain everyone in the table above except McDuffie and Dillon, that would reduce cap space by $7.935M.  The Packers probably will pick up $6.838M in cap space when they trade Alexander.  That would reduce the $30M in cap space by a net of $1.097M, down to $28.903M available to spend. I would suggest that the Packers will keep $3M to rollover into 2026.  That leaves about $25M to spend.  If they release Alexander with a June Designation, they would get perhaps $17.08M in 2025 cap space.  If they tear up Zach Tom's current deal ($3.451M cap number), his cap number with 4 years tacked on might rise to between $7M and $8M, an increase of $4M, maybe $5M.  

OUTSIDE FREE AGENTS:

None of the Packers' free agents are going to garner much if they sign elsewhere.  Myers might be worth a sixth round pick or a fifth if there is another surprisingly high offer  like Runyan got last year.  McManus might be worth a sixth or a seventh.  It seems highly unlikely that the Packers won't sign at least equivalent free agents.  If the Packers are not going to get any compensatory picks next year, they might as well splurge a bit if they can find good matches for the team.  Based on the above, I am assuming that the Packers will have $22M to $26M to spend, perhaps more.  My own view is they need help at #1 CB, #2 Edge, DT, ILB, OC and #1 WR.  The draft is supposed to be deep at DT and lousy at center.  Perhaps the Packers should be buyers in free agency at Edge, WR, OC, and CB?  

Here is my just-for-fun list of free agent targets:

 These are just some players who caught my eye.  I am often surprised by what some of these free agents get signed for.  Heck, I am surprised by the Packers signing McDuffie.  I have not looked at the free agents in a systematic way.  There are a bunch of competent linebackers but they mostly would want starters money, for example.  I also did not consider trading for Crosby or Metcalf.  I remain opposed to trading for anyone, as far as that goes, unless it is for a generational player, which Metcalf is not.  The upshot is that the Packers could probably sign CB Reed, one of those centers, and a good WR OR a good Edge, and Bush.  There are a lot of permutations and scenario I did not consider at all.

Teams have to issue their franchise and transition tags by March 4.  Legal tampering begins on the 10th of March and the new league year starts on March 12.  The Packers are well under the cap so that is not an issue.  The NFL set the 5th year option amounts for Quay Walker ($14.6M) and Wyatt ($12.M), so those would be their 2026 base salaries.  I do not think a case can be made for exercising either option.  Wyatt is a closer call, but the Packers do not have to decide until May 1, just after the draft.