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Jaire Alexander signs rookie contract with Packers

The Packers locked up their top pick in the 2018 NFL Draft to his rookie deal.

NFL: NFL Draft Tim Heitman-USA TODAY Sports

The Green Bay Packers are down to just two unsigned members of the 2018 draft class. On Tuesday, the team announced that first-round pick Jaire Alexander has signed his rookie deal.

Because the Packers selected Alexander in the first round of the 2018 NFL Draft, the contract will be for four years with a team option for the fifth year (2022, in this case). The value of that fifth-year option, however, is determined by draft position; since Alexander was not selected in the top ten picks, that option number will be the average of the third through the 25th-highest salaries at the cornerback position. For comparison, recent estimates for Los Angeles Rams cornerback Marcus Peters put his 2019 option year compensation at $9.07 million, a number which is likely to increase by 2022.

Estimates from Overthecap.com put Alexander’s contract in the realm of $12.05 million over those first four years with a signing bonus of just over $6.8 million. That would equate to a salary cap hit of $2.19 million in 2018. Full financial details of the contract are not yet available. However, assuming that this estimate is close to accurate, the Packers would have about $14.37 million in cap space remaining at present based on the NFLPA’s public salary cap numbers.

With Alexander now inked, the Packers just need to sign second-round pick Josh Jackson and third-rounder Oren Burks.