The long awaited contract extension for Jaire Alexander is finally here. The former first round pick was going to be playing in 2022 on his fifth year option, which carried a large cap hit, and then scheduled to enter free agency after the 2022 season. Instead, as many expected all along, Alexander signed a huge contract extension to stay with the Pack.
Adam Schefter reported the deal, confirming that it's a four year, $84 million contract. The deal includes $31MM in 2022 and set a record for defensive backs with a $30MM signing bonus. The average annual value of this contract is $21MM, another record for DBs.
Alexander's salary cap hit for the 2022 season is now just $1.076MM. Prior to the extension, Alexander was carrying a $13.294MM cap hit for this season. Granted this pushes bigger cap hits later on in the contract, but in the short-term, this helps Green Bay out big time.
Jaire Alexander has long been viewed as one of the best corners in the league since the Packers selected him 18th overall in the 2018 Draft. He has five career interceptions and routinely blankets wide receivers. He led the Packers in pass breakups and had 42 breakups combined in his first three seasons.
While Alexander suffered a shoulder injury last year and missed most of the season, that didn't stop the Packers from keeping him around and paying him what he's worth.
It's another piece to the puzzle of making cap space while keeping the roster intact and keeping the best cornerback in the game in Green Bay.