Packers Face Cap Crunch: Potential Restructure of Jordan Love, Micah Parsons to Create $20–30M Space

GREEN BAY — The Green Bay Packers are once again staring down a familiar offseason challenge: the salary cap. As of February 2026, multiple tracking outlets including OverTheCap and Spotrac project the Packers to be over the cap anywhere from $1.4 million to as much as $11 million, depending on accounting models and incentives.|

With the NFL’s 2026 cap projected between $301.2M and $305.7M, Green Bay’s Top 51 liabilities currently hover near the threshold — and in some projections exceed it. Add roughly $17 million in dead money already committed, and the margin for flexibility is thin.

But this is not uncharted territory for general manager Brian Gutekunst.

The first and most logical lever to pull is a restructure of quarterback Jordan Love’s contract. Love carries an estimated cap hit of roughly $51 million in 2026 under his four-year, $220 million extension signed in 2024. Analysts at Lombardi Ave, A to Z Sports, and Green Bay Breakdowns have all outlined a standard restructure scenario — converting base salary into signing bonus — that could free between $6.1 million and $7.9 million in immediate cap space.

Because Love is the franchise quarterback and a fully entrenched cornerstone, a restructure carries minimal football risk. It simply spreads money into future seasons without requiring void years or drastic long-term consequences.

Micah Parsons presents a different calculation.

Parsons, acquired in 2025 and signed to a four-year, $186 million extension, holds a 2026 cap hit of approximately $19.2 million. However, his contract structure is already bonus-heavy, limiting immediate flexibility. According to Spotrac and OverTheCap, a restructure would generate only about $1–2 million in savings.

Still, releasing Parsons is not realistic. His dead cap would exceed $100 million, and he remains an All-Pro caliber defender and the highest-paid non-quarterback in football. Any adjustment would be about marginal flexibility — not a philosophical shift.

Combined, restructures of Love and Parsons could realistically generate $7–10 million in space.

That alone does not solve the Packers’ broader financial equation.

Green Bay needs approximately $10–12 million to sign its 2026 draft class. Extensions for Tucker Kraft, Devonte Wyatt, and Christian Watson loom. And if the front office wants to remain active in free agency or explore trades, total flexibility closer to $20–30 million would be ideal.

To reach that number, additional moves would likely be required — restructures involving players like Zach Tom or Keisean Nixon, or potentially more aggressive decisions regarding higher cap hits elsewhere on the roster.

For now, restructuring Love and Parsons appears to be the logical first step — a conservative maneuver that preserves the Packers’ core while buying time and maneuverability.

The real question isn’t whether Green Bay will adjust contracts.

It’s how far they’re willing to go to reshape the financial future of the franchise.