Despite averaging a $55 million average per year on his new four-year extension, Love’s cap hit in 2024 will be just $20.8 million, just over $2 million more than the $18.4 million that the Packers carried for Love’s roster spot this offseason.
The cap hits are pretty manageable for Love through 2027, honestly, as he goes from a $20.8 million hit in 2024 to $29.8 million in 2025, $36.2 million in 2026 and $42.5 million in 2027. Then, the Packers have a decision to make.
With the way that Green Bay has structured the contract, much of the cap accounting is backloaded. For example, collectively, the 2024 to 2027 stretch on Love’s deal is going to cost the Packers $129.1 million in cap dollars, an average of $32.3 million per year. In the final two years of Love’s deal — a true season and a voided season — the Packers will be accounting for $108.9 million in cap dollars, an average of $54.45 million.
After Love’s cap hit is $42.5 million in 2027, his number explodes to $74.2 million in 2028, a number he’s never likely to reach. By that point, the Packers almost certainly will have either moved on to another option at quarterback or would be begging for a contract restructure. Of that $74.2 million, $43.9 million comes in the form of a base salary (game checks) with another $14.2 million in the form of a roster bonus.
Following the 2028 season, which will function as Love’s contract year, the Packers also added three void years at the end of Love’s four-year extension. A void year is a mechanism teams use to push cap dollars into the future. For example, Green Bay doesn’t owe Love a single cent beyond the 2028 season, but because of the void seasons, they’ll still have to account for $34.7 million in cap accounting for previous payments to the quarterback.
Yes, they’re kicking the can into the future again, but the Packers have created a real window from now through 2027. In 2028, depending on the league-wide cap situation, the team will have some very tough decisions to make about their franchise.
