Packers: Three Contracts to Gain More Salary Cap Space
2. Randall Cobb
Look, we love Randall Cobb. When he’s healthy, he’s a valuable weapon. He’s also a hell of a guy, but we’re talking about business here.
Ted Thompson overpaid when he gave Cobb a four-year, $40 million deal in early 2015. Cobb hasn’t approached his 2014 production (91 catches, 1,287 yards, 12 TDs) since. In the past two seasons, he’s posted 829 and 610 yards. He’s totaled 10 touchdowns. His yards per catch have decreased from 14.1 to 10.5 to 10.2.
Injuries played a role in 2016, but the bottom line is Cobb is being paid like a No. 1 receiver and, at this point, he’s more like a No. 3.
Cobb will count $12.6 million against the cap this season. If the Packers released him, they’d eat $6.5 million in dead money. That’s still a $6 million net gain and would get the Packers out from under one of Thompson’s worst contracts.
That’s not a scenario we’d like to see play out. We’d prefer to see a renegotiation that puts Cobb’s salary in line with his productivity. However, it’s a plausible outcome.