With Randall Cobb, Jordy Nelson and James Jones around for receiver depth, the Packers simply couldn't justify shelling out $10.537 million for Jennings this season. General manager Ted Thompson will need the salary-cap space with linebacker Clay Matthewsseeking a monster contract, nose tackle B.J. Raji in need of a contract extension and quarterback Aaron Rodgersthreatening to blow pastJoe Flacco's record-setting deal.
As for Jennings' future, reports on his asking price have ranged from $12 million per year all the way up to $14 million annually. A more realistic guess is the $7 million to $9 million price range suggested by one AFC executive.