Green Bay is agreeing with the 38-year-old Rodgers on a four-year extension worth $200 million, including $153 million in guaranteed money. The deal makes Rodgers the highest-paid player in NFL history on an annual basis while also reducing his salary-cap number for 2022.
Green Bay was over the cap by roughly $26 million, and Rodgers existing deal accounted for a cap number of $46.6 million in 2022, making retaining receiver Davante Adams a challenge. With Rodgers new, lower cap number now factored in, Green Bay can place the franchise tag on Adams before Tuesday's 4 p.m. ET deadline.
The Packers Super Bowl odds improved to 15-1 to 12-1 Tuesday at Caesars Sportsbook, which has Green Bay as the favorite in the NFC.
For Jordan Love, who is entering his third NFL season, will have to wait at least another year before he gets a crack at the starting job. Rodgers sat for three seasons behind Brett Favre before he took over.
The Packers have won 13 games each of the past three seasons but, with their combined 39 wins, set the NFL record for most wins in a three-season stretch without reaching at least one Super Bowl.