The Green Bay Packers and linebacker Preston Smith have agreed to a contract restructure, per ESPN's Field Yates, who broke the news and provided the details:

Field Yates @FieldYates

The Packers and OLB Preston Smith have agreed to a restructured contract that creates $2.4M in cap space for the team in 2024. Smith's compensation for this year is now $10M.

Mike Garafolo of NFL Network offered more insight:

Mike Garafolo @MikeGarafolo

The <a href="">#Packers</a> and Preston Smith have agreed to a restructured deal, as <a href="">@FieldYates</a> reported. His base salary is $10 million but there are incentives that give him the chance to earn $4 million more, which would be more than he initially was slated to earn.

Smith, a nine-year veteran, has spent his past five seasons in Green Bay after playing the first four in Washington. He finished last season with eight sacks, 21 quarterback hits and 48 tackles.

Smith signed a four-year, $52 million contract to join Green Bay in 2019 before inking a four-year extension worth $52.5 million in new money in 2022.

The contracts have been worth it. Smith has been first or second on the team in both sacks and quarterback hits in 2019, 2021, 2022 and 2023. He's also missed just one game over his entire career, sitting a 24-10 win over Washington in 2021 with an oblique injury.

Smith, who is signed with the team through 2026, figures to be a featured player on defense once again next season. Ultimately, the move just gives the Packers more breathing room, which is sorely needed with the team having just $2.6 million in effective cap space, per Over the Cap.