GREEN BAY, Wis. -- Rashan Gary, Elgton Jenkins and Nate Hobbs have something in common among Green Bay Packers players. Perhaps Aaron Banks and Josh Jacobs, too.
They all have contracts that the Packers might have to terminate -- or at the very least restructure -- before they can do any offseason work to improve their roster.
The Packers have salary cap issues. Prior to cutting cornerback Trevon Diggs last week, they were more than $30 million over their projected cap for 2026, per ESPN Research.
Diggs was never going to be on the roster for 2026 under his previous contract, one they inherited from the Dallas Cowboys after they claimed Diggs off waivers. So it was a forgone conclusion that his $15.5 million cap hit would be wiped off the Packers' 2026 books. However, that took care of only about half the cap issue to get them compliant for 2026, not to mention the room they'll need for offseason roster additions.
Packers general manager Brian Gutekunst and salary cap guru Russ Ball still have decisions to make and work to do with their current roster before they can turn to free agency, whether that includes re-signing any of their own impending free agents or bringing in new ones.
With that in mind, here's a look at some of the players Green Bay might have to consider releasing or restructuring:
DE Rashan Gary
Why keep him?: With Micah Parsons likely to miss several games to start next season while he recovers from his torn ACL, the Packers need pass rushers. Gary recorded 7.5 sacks in the first seven games of 2025 and it looked like the 2019 first-round pick might finally be on track for his first double-digit sack season. The Packers don't have a lot of options considering they haven't gotten much out of another former first-round edge rusher, Lukas Van Ness, and Kingsley Enagbare could be headed for free agency.
Why cut him?: Despite playing all 17 games, Gary never recorded another sack after the seventh game of the season. He played only 58.3% of the defensive snaps, something Packers coach Matt LaFleur explained as normal because he's "never been a huge snap-count guy." Gary has had seven seasons to prove he is a major impact player, so what could possibly change in Year 8?
Financial ramifications: Gary has the Packers' second-highest cap charge for 2026 at $28.021 million. The Packers would pick up $10.978 in cap space if they let him go (or $19.5 million if it were designated as a post-June 1 cut).
Most likely outcome: Released
C/G Elgton Jenkins
Why keep him?: He was a two-time Pro Bowler at left guard before the Packers moved him to center last offseason. While he was inconsistent at center before he sustained a season-ending broken leg after playing in nine games, the Packers still believe he can be a top-tier center. If they don't re-sign impending free agent Sean Rhyan, who replaced Jenkins at center, there is not a sure-fire starting center on the roster without Jenkins. Also, the Packers could move Jenkins back to left guard if they move on from Banks (see below).
Why cut him?: Jenkins already was unhappy with his contract situation last year and skipped most of the offseason program because of it. He is entering the final year of his contract and likely looking for assurances that he has a future beyond 2026 -- and it's unlikely the Packers will give it to him.
Financial ramifications: Jenkins has a base salary of $18.5 million and could make up to $20 million in 2026 if he returns without any modifications to his deal. He would have the fourth-highest cap hit ($24.8 million) if he returns, and the Packers would pick up $20 million in cap space if they move on.
Most likely outcome: Released
CB Nate Hobbs
Why keep him?: Hobbs never really got the chance to show what kind of cornerback he could be because he was injured from the start. A knee injury sustained in training camp required surgery, and he battled knee issues throughout the season, which limited him to 11 games. Even with Keisean Nixon and Carrington Valentine, they remain thin at cornerback.
Why cut him?: Hobbs' history suggests injuries will continue to limit him. The closest he has come to play a full season was as a rookie in 2021, when he played in 16 of 17 games. Since then, he has played in 46 of a possible 68 games. He had zero interceptions and two pass breakups in 358 defensive snaps in 2025.
Financial ramifications: The Packers signed him to a four-year, $48 million contract in free agency last offseason, but the only guaranteed money was his $16 million signing bonus. Hobbs has a $6.25 million bonus due if he's on the roster the fifth day of the league year in March and would count $13 million on this year's cap. If released, the Packers would save only $1 million on next season's cap, but it would save $9 million if designated as a post-June 1 release. Either way, it would save significantly on future cap space to release him.
Most likely outcome: Released
G Aaron Banks
Why keep him?: Like Hobbs, Banks didn't show his full potential, especially early in the season, because of injuries. While he played in 15 of 17 regular-season games, he dealt with groin and ankle issues. His play improved as he settled into the Packers offense as the season progressed.
Why cut him?: It was a questionable signing from the start, and the early returns suggest he wasn't worth the contract he got.
Financial ramifications: The Packers signed him to a four-year, $77 million contract in free agency last offseason. It included a $27 million signing bonus. Banks is due a $9.5 million bonus if he's on the roster the fifth day of the league year in March and has the third highest cap charge this season at $24.8 million. The Packers would save $5.35 million in cap space if they released him (or $18.35 million if designated after June 1).
Most likely outcome: Restructure/pay cut
RB Josh Jacobs
Why keep him?: He has been everything the Packers had hoped for when they signed him in 2024. In two seasons, he combined for 2,258 yards rushing and 28 rushing touchdowns. While he battled a knee injury last season, he has still played in 32 of 34 regular-season games since he joined the Packers. There's not an heir apparent at running back on the roster.
Why cut him?: He turns 28 on Feb. 11, and while that's not ancient, he is a running back who has played in 108 career games.
Financial ramifications: The four-year, $48 million contract he signed as a free agent was always going to have to be reworked after two years because of the massive increase in his base salary. While he doesn't have an offseason roster bonus, his base salaries are set to jump to $10.2 million this season and $12.2 million in 2027. After salary cap charges of $5.3 million and $11.3 million in his first two seasons, those increase to $14.6 million and $16.6 million the next two seasons.
Most likely outcome: Restructure/extension
