Aaron Jones is staying with the Green Bay Packers.

The veteran running back and the team negotiated a contract restructure that will pay Jones $11 million in 2023 with an $8.52 signing bonus, according to ESPN's Adam Schefter. He will still have two years left on his deal, per Schefter.

Jones was a potential cut candidate this offseason when his cap hit was scheduled to rise to $20 million this season, per OverTheCap.com, which included a base salary of $8.1 million and a roster bonus of $7 million. He initially signed a four-year, $48 million deal in 2021 with $13 million guaranteed in 2021.

Now, Jones will return to the team he's played for his entire career. He rushed for a career-high 1,121 yards in 2022 and added two touchdowns on the ground. Jones also caught a career-high 59 receptions for 365 yards and five touchdowns this past season.

Packers clearing cap space in 2023

By restructuring Jones rather than cutting him, the Packers saved about $12 million instead of $10.46 million, per OverTheCap.com. Green Bay also won't incur the $9.55 million dead cap hit but will push the money they still owe to Jones down the line.

The Packers are still about $4 million over the cap now as the 2023 offseason continues, so more moves are expected. Whether there are restructures or releases remains to be seen.

The big item to deal with, though, is quarterback Aaron Rodgers. He's owed $59.65 million guaranteed in 2023 and has a $31.62 million cap hit, per OverTheCap.com. There's been talk the Packers prefer to move on from Rodgers.

Moving on from Rodgers would clear up a lot of cap space and give way to former 2020 first-round pick Jordan Love. Either way, Jones' restructuring gives the Packers more flexibility and doesn't force them into a corner with their roster decisions.