The Green Bay Packers only have about $5 million in cap space right now, but they have plenty of ways to create more cap space if they want to. The decision to create cap space is all about opportunity cost. My perspective, as I’ll explain, is that if the Packers swing big in free agency, it should be for a cornerback.
There are a couple of pressures on the team right now. First is the compensatory draft pick problem. Right now, the Packers are projected to receive two third-round picks and two fourth-round picks in 2027, based on contract projections for Green Bay players set to hit free agency. Here’s how it breaks down:
Third-round picks: Malik Willis and Rasheed WalkerFourth-round picks: Quay Walker and Romeo DoubsLate-round pick: Kingsley Enagbare
The good news for the Packers is that they can only collect four compensatory draft picks, so they’re allowed to offset one of them and still take home four extra picks in 2027. If they want to offset the phantom Enagbare pick, they can do so without penalty (since he’s fifth in the pecking order). For that free roll, though, they’ll be limited to spending roughly equal to what Enagbare will make on the market, which will probably be a backup/rotational player’s salary, not a starter’s salary.
If Green Bay wants to swing big, its option is to cancel out one of the third-round picks and collect the late-rounder for Enagbare (probably in the sixth-round range). If they want a starter, one big swing is the action they should take. It’s more efficient than a bunch of little gambles, because every compensatory free agent signed is going to be another draft pick out the door for them in 2027.
At this point, I wouldn’t expect the Packers to take a big swing on a quarterback, running back, receiver, tight end, offensive lineman, edge defender, off-ball linebacker or safety, just based on their roster situation (the Sean Rhyan re-signing and Zaire Franklin trade cleared some of this up). That leaves the interior defensive line and cornerback. The issue with the interior defensive line is that there’s not that much talent on the market, as only John Franklin-Meyers, an undersized pass-rusher, makes the cut at the position for the consensus top-50 free agents in 2026.
So I’ll turn my attention to cornerback, where Jaylen Watson and Tariq Woolen make a lot of sense. They are the only young, consistent producers at the position available in free agency this cycle, and they both check the Packers’ athletic boxes at the position. We broke down their standing in the class in an earlier article. First, though, those players have to actually hit free agency. Kansas City just traded cornerback Trent McDuffie to the Los Angeles Rams, so maybe they plan to bring Watson back.
The other opportunity that the Packers will be passing up on by swinging big at cornerback is keeping (at least) one of Elgton Jenkins and Rashan Gary, who I don’t think the team plans on keeping through the 2026 season, but who the team seems to be positioning to hold onto with the hopes that a trade develops at some point. They’ll probably need to dump one of them to make up cap space for a big signing.
So the true cost of signing a starter will be something like: The player’s contract, turning a third-round pick into a roughly sixth-round pick and losing grip of (at least) one of Gary or Jenkins as trade bait (as their releases will likely be used to create cap space). Based on the current market, I’d very much like that player to be either Watson or Woolen.
If the team isn’t going to do that, I’d rather have them just operate in the cap casualty or trade markets (which won’t offset compensatory draft picks). If they want to sign a modest compensatory free agent (maybe a nose tackle like Khyiris Tonga or Roy Lopez) to offset the phantom Kingsley Enagbare pick, that works, too.
If they’re going to swing big on a compensatory free agent, though, I want it to be a cornerback.
Feel free to leave YOUR suggestions for the Packers in the comment section below.
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