Green Bay Packers Could Make Bold Cap Move by Releasing Josh Jacobs in 2026

The Green Bay Packers have long been known as one of the most disciplined and calculated franchises in the NFL. Rather than chasing splashy headlines, Green Bay traditionally operates on the margins — maximizing value, managing the salary cap carefully, and trusting internal development. However, the Packers proved last offseason that they are not afraid to take a major swing when the timing feels right, trading for elite pass rusher Micah Parsons in a move that reshaped the defense overnight.

Now, as the 2026 offseason approaches, Green Bay could be preparing to take another bold step — this time in the opposite direction — by parting ways with a high-profile offensive weapon to regain financial flexibility.

Packers’ Salary Cap Situation Sets the Stage

As of Saturday, January 31, the Packers sit just $2.7 million over the projected 2026 salary cap. On the surface, that number suggests Green Bay is in relatively healthy financial shape compared to many contending teams. The reality, however, is more complicated.

The Packers face several pressing roster needs with limited draft capital to address them. Even with natural turnover expected in free agency, Green Bay must find solutions along the offensive line, defensive line, and at cornerback — three of the most expensive and difficult positions to fix.

With minimal room for error, tough decisions are looming. One of the most surprising possibilities involves running back Josh Jacobs, who Bleacher Report’s Alex Ballentine recently named as one of Green Bay’s top cut candidates — just two years into his four-year, $48 million contract.

Josh Jacobs’ Production vs. His Price Tag

At first glance, releasing Josh Jacobs would seem counterintuitive. Jacobs delivered solid counting stats during the 2025 season, finishing with 1,211 yards from scrimmage and 14 total touchdowns. Those numbers reflect the output of a true lead back and align with what Green Bay hoped for when it committed significant money to him.

However, Ballentine argues that efficiency and financial value tell a different story.

“On one hand, Jacobs has all the counting stats you’d like to see from a lead back,” Ballentine wrote. “On the other, he averaged 4 yards per carry and Emanuel Wilson’s success rate (58.4 percent) was almost 10 percent higher than Jacobs’. Jacobs has been solid, but he’s set to be the fourth-highest-paid back in 2026.”

In today’s NFL, teams are increasingly reluctant to invest heavily in running backs unless they provide elite efficiency or unique versatility. Jacobs’ production, while respectable, may not justify his looming cap hit — especially for a team facing holes across the roster.

Financial Benefits of Releasing Josh Jacobs

From a cap-management standpoint, the Packers have multiple paths to generate meaningful savings by moving on from Jacobs.

If Green Bay were to release Jacobs early in the offseason, the team would save approximately $8.3 million against the cap. That number becomes even more attractive with a post-June 1 designation, which would increase the savings to $11.4 million in 2026.

According to Over The Cap, a post-June 1 release would result in a manageable dead cap hit of $3.125 million in each of the next two seasons. More importantly, it would save the Packers an additional $13.5 million against the cap in 2027.

Green Bay could also pursue a post-June 1 trade if another team is willing to take on Jacobs’ contract, achieving nearly identical financial benefits while potentially recouping a draft asset.

Josh Jacobs’ Resume Still Carries Weight

Despite the cap concerns, Josh Jacobs remains one of the most accomplished running backs of his generation. A former first-round pick of the Las Vegas Raiders (No. 24 overall in the 2019 NFL Draft), Jacobs is a three-time Pro Bowler and earned first-team All-Pro honors in 2022 after leading the league in rushing with 1,653 yards.

Now entering his seventh NFL season, Jacobs will be 28 years old in 2026 — an age when many running backs begin to experience decline. While he has not shown dramatic regression, teams are often proactive at the position rather than reactive.

For the Packers, the question is not whether Jacobs can still play, but whether his production is the most efficient use of limited resources.

Offensive Line Concerns Make Cap Space Even More Valuable

One of the biggest reasons Green Bay may need to free up cap space is the offensive line — a unit that quietly struggled throughout the 2025 season.

According to Pro Football Focus, the Packers finished No. 19 out of 32 teams in overall offensive line grading. That below-average performance could worsen quickly, as Green Bay is at risk of losing two of its five starters this offseason.

Several NFL analysts, including Ballentine, believe center Elgton Jenkins is the most likely cap casualty on the entire roster. Jenkins is a respected veteran, but his contract no longer aligns cleanly with his performance and availability.

Meanwhile, left tackle Rasheed Walker — a former seventh-round pick who has exceeded expectations — is set to hit free agency in March. Walker is widely viewed as the best tackle available on the open market, which puts Green Bay in a difficult position.

Retaining Walker would likely require an overpay, a risky move for a team already grappling with multiple roster holes. Letting him walk, however, creates another major need at one of the most important positions in football.

Defensive Line Issues Compound the Problem

Beyond the offensive line, Green Bay’s defensive front presents additional challenges.

While Micah Parsons transformed the edge rush, the unit struggled outside of his dominance. Rashan Gary, once expected to form a devastating duo with Parsons, endured a disappointing season. Despite benefiting from favorable matchups created by Parsons on the opposite side, Gary failed to consistently capitalize and has emerged as another potential cap casualty.

The interior defensive line was arguably even more concerning. According to PFF, no Packers interior defender finished higher than 87th out of 129 qualifying players at the position. That lack of interior disruption placed additional strain on the linebackers and secondary, exposing weaknesses across the defense.

Fixing the defensive line — both on the edge and inside — will require resources, whether through free agency, the draft, or both.

Why Josh Jacobs Could Be the Odd Man Out

When evaluating the Packers’ roster holistically, releasing Josh Jacobs becomes less shocking and more strategic. Running back is one of the few positions where Green Bay has viable, lower-cost alternatives already in place.

Emanuel Wilson’s superior success rate suggests that the Packers could replicate much of Jacobs’ production through a committee approach, especially behind an offensive line that may undergo significant changes.

By reallocating Jacobs’ cap space, Green Bay could address premium positions that directly influence wins — offensive line protection, pass rush, and cornerback depth.

Final Outlook: A Difficult but Logical Decision

Letting go of Josh Jacobs would not be a popular move among fans, nor would it diminish his accomplishments or value as a player. However, the modern NFL is ruthless when it comes to positional economics.

For the Packers, this decision is about maximizing roster efficiency and extending their competitive window. With limited draft assets and multiple high-impact needs, freeing up nearly $25 million over the next two years could be the difference between patching holes and building a legitimate contender.

Green Bay has never been afraid to make unpopular decisions in pursuit of long-term success. If the front office ultimately decides to move on from Josh Jacobs, it will be another reminder that in Titletown, tough choices are often the price of sustained relevance.