Aaron Rodgers’ new deal is official.

According to the NFL Network, Rodgers contract will pay him roughly $150 million guaranteed over the next three years with two more years tacked on at the end to spread out the salary cap hit.

Aaron Rodger gets $150.6M guaranteed on his deal. Rodgers will earn $74.5M in the first new year and $62M average through second new year. https://t.co/9rOyWnTx7R

— Ian Rapoport (@RapSheet) March 15, 2022

“We are very pleased to be able to come to an agreement with Aaron that keeps him in Green Bay,” GM Brian Gutekunst was quoted as saying in a press release. “His play on the field and leadership in our locker room remain vital in our pursuit of another Super Bowl title. The agreement also allows us to maintain and enhance what we feel is already a very competitive roster.”

Rodgers was due to count $46.1 million against the cap in 2022. With the new deal his cap number shrinks to $28 million, creating significant — and much needed — salary cap space for the team this year. As for future years, the hit to Green Bay’s cap would be huge if the team decided to move on or Rodgers retired following the 2023 season.

The tradeoff for cap savings now: If Aaron Rodgers retires or the #Packers move on after the 2023 season, they would have a $68.205 million dead cap hit on the books in 2024. https://t.co/su8MOA6evy

— Tom Pelissero (@TomPelissero) March 15, 2022

Rodgers’ deal was just the latest move by the Packers to get under the salary cap by Wednesday afternoon when the new league year starts. The team also gave linebacker Preston Smith a contract extension, while cutting linebacker Za’Darius Smith and tackle Billy Turner.