The Green Bay Packers and Jaire Alexander have all options on the table at this point. And even though trade or release are the most likely ones, keeping him became possible after the draft, both because the Packers didn't draft a cornerback before the seventh round and because the veteran market dried out.
However, keeping Jaire Alexander is still challenging. The Packers have a complicated cap outlook for 2026, and parting ways with him now would be massive for financial purposes—especially considering how difficult it has been for Alexander to stay healthy.
If Jaire gets cut or traded this offseason, after June 1, it's $7.518 million in dead money now and $9.525 million next year, which means the cap savings would be $17.117 million this year, $17.493 million next year, and $2.005 million in 2027. If he returns and is cut next year, the savings in 2026 and 2027 would be similar, but there wouldn't be the extra $17 million saved in 2025, an amount that can be rolled over.
For Jaire Alexander to return, he has to agree to a contract adjustment.
Idea to make things work
Jaire Alexander is under contract for two more seasons, being slated to make $17.5 million in 2025 and $19.5 million in 2026. For him to stay around, a three-step process would be necessary.
1) Jaire accepts a paycut
Right now, the Packers are set to have a massive cap benefit by trading or releasing Alexander. But if he's willing to reduce his base salary from $17.5 million to $10 million in 2025, it would be much more palatable for the Packers. They would immediately open up $7.5 million in cap space, and solve the most glaring roster need—or at least that's the hope, if Alexander stays healthy.
2) Add playing time incentives
The problem for Alexander is the lack of availability, not performance. So it makes sense for the Packers to add incentives based on his playing time to make up for a part of the paycut.
The equivalent of seven games would be likely to be earned, because that's the number of games he was active last year. If he plays fewer or no games, the Packers would have the amount credited back in 2026. The equivalent for the other 10 games is unlikely to be earned, and doesn't hit the cap in 2025. If he plays all 17 games, the bonus hits the cap in 2026.
So let's say the Packers agree to pay $3 million in playing time incentives. That would be $176k for a game in which he's active—$1.232 million would hit the cap in 2025 as a LTBE bonus.
3) Voiding the final year
Right now, Jaire is under contract for two more years. In a contract adjustment, the player would probably request to void the final year of his deal in 2026, making him a free agent next offseason. And that's because 2026 is an option year for the Packers, without any guarantees left.
For the Packers, giving that up probably wouldn't be as big of an issue. They will have Jaire for an extra year, and if things are good they could negotiate a new contract. In the meantime, they have more avenues to address the position going forward.
By far, the most likely scenario is still the Packers parting ways with Jaire Alexander. But this looks to be the only remaining path for Green Bay to keep the former All-Pro defensive back in 2025.
