Rodgers is due a 58.3M bonus between March 17 and Week 1. That bonus is guaranteed, but if the Jets trade for him, they would be responsible for that bonus, not the Packers. Rodgers is also due a $50,000 workout bonus, and a base salary of $1,165,000 for a total compensation this year of $59,515,000.
- The Packers would be on the hook for a Dead Cap hit of $40,313,568, if he's traded or retires, and a dead Cap Hit of $99,778,568 if they cut him.
- The Jets would pay Rodgers the $59,515,000 he's already owed this year - fully guaranteed. But they would only have a cap hit of the prorated portion of the Option Bonus ($14,575,000), the salary ($1,165,000) and the workout bonus ($50,000) for a total cap hit of $15,790,000 in 2023. The remaining portion of the Option Bonus ($14,575,000 x 3 = $43,725,000) will roll to future years. If Rodgers quits after 2023, the Jets would take the cap hit for the future years in either 2024, or split between 2024 & 2025.
- If the Jets keep Rodgers in 2024, he's due another Option Bonus of $47,000,000, which will be guaranteed on the 5th day of the waiver period if the Jets keep Rodgers.
Essentially, the Jets are taking a $59.515M flyer on Rodgers for 2023. If they keep him after that, they are on the hook for at least another $47M, plus his salaries and workout bonues, which total another $28,250,000. If Rodgers plays out the contract through 2026, his annual cash and cap hits look like this:
- 2023 - Cash to Rodgers from Jets $59,515,000 - GB Cap Hit ($40,313,568 for past bonuses) - Jets Cap Hit - $(15,790,000)
- 2024 - Cash to Rodgers $49,300,000 - Jets Cap Hit ($32,541,667)
- 2025 - Cash to Rodgers $20,900,000 - Jets Cap Hit ($51,141,667)
- 2026 - Cash to Rodgers $15,050,000 - Jets Cap hit ($45,291,666)
The Jets will pay out $144,765,000 over the next 4 seasons for Rodgers, just a little over $36M per season on average. It's a good deal if Rodgers plays for 4 years. But Rodgers will collect $108,815,000 over the next two seasons. If he retires after 2024, the Jets will have paid him that, but only taken a Cap hit of $48,331,667. The Jets will have a Dead Cap hit of $60,483,333 in 2025 if Rodgers bails on them after collecting the majority of his money.