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Jordy Nelson, James Jones: Green Bay Packers bargains

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"Around the League" is taking a look at each team's salary-cap situation heading into training camp. We continue with the Green Bay Packers.

Adjusted Cap Number: $128.064 million

Cap Room Remaining: $11.256 million

Crunching the Numbers

Around the League is taking a look at each team's salary cap situation as we approach the start of training camp:

AFC East
Bills | Dolphins | Jets | Patriots
AFC North
Bengals | Browns | Ravens | Steelers
AFC South
Colts | Jaguars | Texans | Titans
AFC West
Broncos | Chargers | Chiefs | Raiders
NFC East
Cowboys | Eagles | Giants | Redskins
NFC North
Bears | Lions | Packers | Vikings
NFC South
Buccaneers | Falcons | Panthers | Saints
NFC West
49ers | Cardinals | Rams | Packers. Wide receivers Jordy Nelson and James Jones ranked second and 17th in Football Outsiders' DYAR (value of plays where the player caught the ball, compared to replacement level, adjusted for situation and opponent, and then translated into yardage) last season. The duo will combine to earn $5.55 million in 2012, which is $21,000 more than the Oakland Raiders will spend on Darrius Heyward-Bey (who ranked 40th).

Certainly Nelson and Jones would qualify, and we can't overlook Aaron Rodgers, the No. 1 player on NFL Network's "The Top 100: Players of 2012" list, whose $8.5 million compensation in 2012 is the same amount that Arizona Cardinals passer Kevin Kolb will make, but we'll go with outside linebacker Clay Matthews. Even after a "down" year in the sacks department, Matthews still hit and harassed opposing quarterbacks and picked off a career-high three passes. Due $840,000 in total compensation this season, with another $50,000 available in a Pro Bowl incentive, Matthews should be back terrorizing quarterbacks before he enters the final year of his rookie contract in 2013.

Potential Camp Casualty: The Packers have plenty of salary-cap space and one of the lowest cash payrolls in the league, so this shouldn't be an issue for them this season.

Contract Issue Looming in 2013: Greg Jennings is scheduled to earn just under $5 million in the final year of his current contract. The 2006 second-round draft pick has caught 389 passes for 6,171 yards and 49 touchdowns over the last six seasons, earning Pro Bowl honors after each of the last two seasons. Jennings turns 29 in September and is a full season away from moving into the top five of the Packers' record books in every major receiving category. It's hard to envision Jennings playing in a different uniform, and I suspect that won't be an issue. Rodgers has two years and $20.75 million remaining on his current deal, and the Packers might want to think about crossing that off their list next offseason.

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