The Packers and Greg Jennings are in the process of finalizing a three-year extension that would allow the receiver to make $27 million in new money and could be worth as much as $30 million if he plays at a Pro Bowl level.
Jennings will earn slightly in excess of $16 million in guarantees, a source told ESPN.com’s Len Pasquarelli. The source also said that the structure of the contract is more front- than back-loaded.
Though both sides have come to an agreement on the numbers, a couple things have to be worked out as far as the language of the contract. First, it must be approved by the NFL Management Council. Second, it has to be signed by both parties. The plan is to try to get the final draft ready in the next couple of days.
Jennings will roughly earn $7.63 million per year, which is quite fair for a young receiver coming off an 80-catch, 1,292-yard season. Considering T.J. Houshmandzadeh will receive $8 mil a year in his new deal with Seattle, Packers GM Ted Thompson did well with Jennings’ contract.
