Josh Jacobs Could Be Heading Toward Surprising Financial Fate With Green Bay Packers

While it would seem like there's no world in which star running back Josh Jacobs wouldn't return to the Green Bay Packers in 2026, there is a scenario in which he could be cut.

Is it likely? Probably not. More likely than anything is a contract extension that includes a restructure of his current deal.

With that said, ESPN's Rob Demovsky did bring Jacobs up as a potential cut option in a recent piece looking at the Packers' financials, though. 

Green Bay was $30 million-plus over the cap before cutting cornerback Trevon Diggs last week. Even after cutting him, the Packers are still over the cap. They got rid of $15.5 million by letting him go.

General manager Brian Gutekunst and director of football operations Russ Ball have work to do to get the Pack under the cap heading into the new league year. It's not just about getting under, though. They'll want to sign some players this offseason, whether it's some of their own entering free agency, any intriguing options on the open market, or the rookies they pick up in the 2026 NFL Draft.

They're going to need more cap room.

That's why there's a world in which Jacobs could be cut. It would be shocking, but it's possible.

He's a former All-Pro running back, and he's the heartbeat of the Packers' offense when he's healthy, but he turns 28 next month, and the combined $22.4 million he's set to make over the next two seasons is a big figure for a running back with a history of injury problems.

"He turns 28 on Feb. 11, and while that's not ancient, he is a running back who has played in 108 career games," Demovsky wrote as a reason why the Packers may want to cut their star running back.

Of course, it's not as simple as cutting Jacobs and moving on. The Packers would have to find a way to replace the 2,258 rushing yards and 28 rushing touchdowns he's provided over the past two seasons, and that's much easier said than done.

Keep in mind, backup running back Emanuel Wilson is a restricted free agent. The Packers will have to offer him about $3.2 million to come back on a one-year tender, but there's also a world in which he could hit the open market.

That's why the most likely option here is for a contract restructure with Jacobs, but there are two things that would have to happen in order for that to work.

First, the Packers would have to believe that Jacobs can still be a productive running back at age 28 and coming off a season that saw him struggle with a knee injury. Running backs tend to fall off a cliff right around that age, so there is risk involved here for the Pack.

Jacobs would also have to agree to a restructure and agree to a restructuring that may see him make less guaranteed money. He's the consummate team player, but money is money, and he does have to approach that decision from the perspective of business and not personal.

 The way his four-year $48 million contract was structured when he signed as a free agent, he's about to go from counting only $5.3 million and $11.3 million against the salary cap in 2024 and 2025 to $14.6 million in 2026 and $16.6 million in 2027.

Something is going to have to give here, and if that something doesn't give -- he could absolutely be cut.