Packers Rumors: Preston Smith Agrees to New Contract with Chance to Earn $71M

Ian Rapoport of the NFL Network reported on Monday that the Packers had agreed to a four-year extension with Smith.

Smith posted a picture of himself signing a new contract.

The 29-year-old was heading into the final year of his contract, but the new deal provides $52.5 million in new money while keeping him under team control for five total seasons. Rapoport said that Smith will make 14 million in 2022, but he is expected to reduce his cap number.

Smith had a cap hit of $19.7 million.

The Packers have a clear strategy to retain their players and clear cap space. Some people have restructured their contracts this year.

Rodgers lowered his cap hit with his extension.

The Packers entered the day over the salary cap, which is the worst mark in the league.

The team could get closer to the line by releasing or trading outside linebacker Za&Darius Smith, which would save $15.3 million.

Green Bay would be able to deal with this loss thanks to Preston Smith. The pass-rusher added nine tackles for loss. He has 25 sacks in three seasons with the Packers.

In seven years in the NFL, the second-round pick in 2015 has appeared in 16 regular-season games and only missed one game because of an injury.

The Packers pass rush should remain strong between Smith, Clark and Gary.