Green Bay Packers restructure Rashan Gary's deal, clear $4.781 million in cap space, per report

NFL free agency is just around the corner, and teams are doing everything in their power to ensure that they not only keep their free agents in their respective locker rooms but also potentially add some of the biggest names out there. And in order to do so, the Green Bay Packers have gone ahead and restructured the contract of linebacker Rashan Gary, according to NFL insider Tom Pelissero.

“The #Packers restructured LB Rashan Gary’s deal, clearing $4.781M,” said Pelissero via X.

Ahead of the contract restructuring, the Packers were roughly $2,000,000 under the cap threshold. Now, Green Bay possesses a little bit more flexibility as the NFL’s 2024 free agency. Gets underway.

More on the 2024 NFL offseason, free agency

The NFL 2024 calendar year begins at 4 p.m. ET on March 13. At that time, contracts running through 2023 officially run out, making those players free agents. Prior to the beginning of free agency, teams will have a chance to designate one franchise or transition tag player, starting on Feb. 20 at 4 p.m. ET and ending on March 5. Beginning March 11 through March 13 teams can enter into a legal negotiation with players who are set to become unrestricted free agents.

In addition to NFL free agency, the new year also marks the beginning of all trades being made official by the league office. April 19 marks the deadline to sign restricted free agents to offer sheets. On April 24, the deadline for teams to match restricted free agent offers sheets hits. Following the restricted free agent deadline follows the 2024 NFL Draft, which runs from April 25-27.

More on restricted, exclusive rights free agents

Players with only three years of accredited NFL experience become restricted free agents. Their original team will have the option to apply first-round, second-round, original-round, and right-of-fight-of-first-refusal tenders on players at escalating price tags. The higher the round, the more expensive the tender amount; however, if a separate team does offer a contract and the original team does not match that round pick will be conveyed from the new team to the original team. Right of first refusal only gives a team the option to match or not. If they don’t match, they get nothing in return. An original-round tender would send a draft pick from whatever round the player was drafted back to the original team if they chose not to match. The original team will have five days to match once a player signs an offer sheet from a new team.