The Packers released Billy Turner and ZaDarius Smith.  Turner's release saves $3.359 million, but a net of $2.65 million because his removal promotes a player making $705K into the top 51 highest paid Packers.  Releasing ZaDarius Smith saves $15.281 million, or a net of $14.576 million. 

ZaDarius Smith's release was widely expected although there were reports that Smith was offered the option to return to the team to play for the cash he was scheduled to earn - but probably with voids to reduce his cap number.  ZaDarius if healthy is much better off declining that offer and entering free agency one year younger and free of the risk of injury or that the quality of his play might decline in 2022 while playing for the Packers.

Turner's release was somewhat surprising.  The Packers tackle situation looked pretty good going into 2022.  Assuming Bakhtiari will be healthy and with Turner available, the Packers were set at left and right tackle with Nijman being the primary backup.  That is a trio many teams might envy.  The Packers would have gained even more flexibility when Jenkins returned as he is capable at both spots. 

Now the team will enter the season without a proven swing tackle.  Many will suggest bringing in a proven veteran (or drafting a tackle), but that cost is not significantly different than the amount gained by releasing Turner.  His contract could have been left untouched.  If the Packers did not believe his services were needed, they possibly could have flipped him for a draft pick or released him in June to gain extra cap relief. 

It is possible that Turner did not cooperate with the Packers by agreeing to add an extra void year.  It also might be that the Packers needed Turner's permission to convert his base salary into a signing bonus and he refused.  Entering his age 31 season and coming off one of his best seasons, I would think that Turner is better off trying to secure one last long-term contract in free agency now rather than next year.

PACKERS EXTEND PRESTON SMITH:

The Packers added four years to Preston Smith's contract, keeping him under contract through the 2026 season and gaining $8.26 million in 2022 salary cap savings.  He received 4 new years and $52 million ($13M AAV) and a $12.2 million signing bonus.  Here are the details per Overthecap:

This looks like a giant win for the Packers to my eyes.  His AAV is unchanged and thus is a lower percentage of the salary cap than it was when he signed in 2019.  He can earn $14M in cash for 2022 (just $1.5M more than he was scheduled to earn under his old contract) and thus has a one-year out of $14M with $9.76M dead and cap savings of $3.28M.  Should the Packers need to generate cap space in 2023, there is a nice, fat $7.5M roster bonus available.  There is a two-year out for $24.6M with $7.32M dead and cap savings of $7.52M.

The Packers needed to generate sizeable savings from Preston Smith, which they achieved.  That being the case, I worried that Preston Smith would have all the leverage and bargain hard for a lucractive contract.  I misgivings were misplaced.

So far, the Packers have restructured the contracts of Kenny Clark, Aaron Jones, and David Bakhtiari, extended Preston Smith and released ZaDarius Smith and Billy Turner.  Here is a tracker:

Overthecap has the Packers $18.335M over the cap still, not including the 2022 salary cap number for DeVondre Campbell, who has reportedly re-signed, and not including Rasul Douglas, Chandon Sullivan, Robert Tonyan, Allen Lazard, Marquez Valdes-Scantling, Corey Bojorquez, Whitney Mercilus and several other possibilities.  Fans are still waiting to see the details on Aaron Rodgers' contract.  Other players who could generate cap savings include Randall Cobb ($6M?), Adrian Amos ($4.7M?), Dean Lowry ($3.6M?), Marcedes Lewis ($1.7M?), Mason Crosby ($2.39M) and Davante Adams ($8M to $10M?) if the two sides can reach an agreement on his value.  That seems like it might take some time as Adams has publicly indicated that he will not play on the franchise tag.  While not encouraging, players threatening to sit out due to being tagged is not terribly uncommon either.

Buckle up since more moves should happen soon.