The Green Bay Packers are staring down a tough offseason, and the salary cap is the biggest obstacle in their path. According to OverTheCap, Green Bay is projected to be more than $10.6 million over the 2026 cap limit. That number puts the front office in a tight spot-and it means no name on the roster is truly safe.
One of the biggest questions looming? Josh Jacobs.
The veteran running back is coming off a productive season-929 rushing yards, 13 total touchdowns, and a respectable 4.0 yards per carry. On paper, that kind of output should solidify a player’s role in the offense. But when the cap crunch is this real, performance alone doesn’t always guarantee job security.
Jacobs signed a four-year, $48 million deal as a free agent, but the structure of that contract was always going to be a future hurdle. The issue?
A steep rise in base salary. After manageable cap hits of $5.3 million and $11.3 million in the first two years, those numbers spike to $14.6 million in 2026 and $16.6 million in 2027.
His base salary alone jumps to $10.2 million this season and $12.2 million the year after.
That kind of financial leap forces the Packers into a decision: restructure or move on.
And while fans may be split on what the right call is, the reality is this-Green Bay has to think long-term. Restructuring a deal like Jacobs’ only works if you’re confident he’ll continue producing at a high level. But if there's even a hint of decline on the horizon, cutting ties early might be the smarter play.
The Packers aren’t strangers to tough calls in the backfield. Aaron Jones was let go not long ago in a move that surprised many. Jacobs could be next.
What complicates things further is the lack of obvious replacements. Green Bay doesn’t hold its own first-round pick in the 2026 NFL Draft thanks to the Micah Parsons trade, so finding a starting-caliber back through the draft just got harder.
Free agency? Sure, there are options-but signing a proven RB will likely cost just as much, if not more, than keeping Jacobs around.
Still, the financial upside of a release or trade is hard to ignore. Per Spotrac, cutting or trading Jacobs before June 1 would free up $8.2 million in cap space.
Post-June 1, that number jumps to $11.4 million. That’s real flexibility for a team that needs every dollar.
There’s also the system to consider. With Jordan Love continuing to grow under center and Matt LaFleur calling plays, the Packers have shown they can scheme up production from the backfield.
Jacobs has been a valuable piece, but Green Bay might believe it can replicate his output with a cheaper option. That would give GM Brian Gutekunst more room to bolster other areas of the roster-whether that’s adding depth on defense, shoring up the offensive line, or giving Love more weapons.
At the end of the day, Jacobs’ future in Green Bay is far from guaranteed. The numbers are pushing this conversation, and while nothing is set in stone, it’s clear the Packers have a decision to make-and soon.
Whether Jacobs is back in green and gold next season or not, his situation is one of the biggest offseason stories to watch in Titletown.