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Preston Smith takes incentive-laden pay cut to stay with Packers – Packers Wire

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The Green Bay Packers and outside linebacker Preston Smith agreed to an altered contract that includes a big pay cut this year but also plenty of incentives.

According to Ian Rapoport of NFL Network, Smith will earn $8 million in salary in 2021, including a $6.5 million signing bonus, and another $4.4 million is available to be earned through sack totals.

The restructured deal substantially lowers Smith’s cap hit, which was originally scheduled to be $16 million in 2021.

Based on the contract details, Ken Ingalls estimates Smith’s cap hit will be $8.75 million, clearing $7.25 million off the team’s cap.

Smith was set to make $12 million this year on his old deal, so the new structure both helps the Packers’ salary cap situation now and offers Smith a chance to earn more money this season.

The Packers are hoping Smith can deliver a bounce-back season after struggling through a disappointing year in 2020.

Rapoport reports that Smith can earn the full $4.4 million in incentives by tallying 14 sacks next season. The incentives start at six sacks. He had only four sacks last season, but he also produced a career-high 12 sacks in 2019, his first season in Green Bay.

Last month, Packers general manager Brian Gutekunst said he expected Smith back in 2021, setting the stage for a restructure or extension.

The Packers came into Friday at roughly $9.7 million over the 2021 salary cap. Restructures to deals for Smith and safety Adrian Amos have cleared $8 million off the cap.