Cobb's agent, Jimmy Sexton, has rejected the Packers' offer of a five-year deal worth between $8 million and $9 million annually, reports Bob McGinn of the Milwaukee Journal Sentinel.
The Packers maintain exclusive negotiation rights through Saturday at 4 p.m. ET, at which point Sexton expects more lucrative offers to roll in.
Teams have been reluctant to shell out mega contracts for slot receivers in the past, but there's speculation that Cobb could collect up to $12 million annually with $30 million in guarantees. Teams are flush with money after the major salary-cap bumps of the past two years.
Nelson has been the better, more reliable player.
The Packers have watched more receiving talent leave the building over the past three years (Greg Jennings, Donald Driver, James Jones, Jermichael Finley) than they have imported (Davante Adams, Richard Rodgers, Jeff Janis, Jared Abbrederis). While it's true that Aaron Rodgers makes his wide receivers better, the attrition rate could leave the position a competitive liability rather than a strength.
Cobb owes it to himself to consider his legacy and earning potential. Is he sure he wants to leave the NFL's best quarterback and a surefire contender for a subpar passer and questionable surrounding talent?
The youngest unrestricted free agent on the market at age 24, Cobb will have a second opportunity for a monster contract in four or five years -- provided he remains one of the most productive slot receivers in the league. Barring injury, that's guaranteed to happen in Green Bay. Can he say the same about Oakland or Jacksonville?