The Packers will release outside linebacker Nick Perry, according to Jason La Canfora of CBSSports.com (on Twitter). The decision to cut Perry comes moments after the Packers agreed to sign linebacker Preston Smith and pass rusher Za’Darius Smith. 
Perry was set to make $11MM this season and had a $4.8MM roster bonus due on March 15. With tons of new firepower (and expenditures) in the front seven, there was little room left for Perry.
The Packers happily re-upped Perry on a five-year, $60MM extension in 2017, but he’s missed eleven games since then. His latest injury came in 2018 when he landed on IR with a knee ailment. Perry had a career-low 1.5 sacks last season and he was bracing himself for a release.
Previously, it was believed that the Packers could have interest in restructuring Perry’s deal, but there’s little need for him after the Packers’ free agent shopping bonanza. Perry won’t turn 29 until April and is healthy once again, so he shouldn’t have too much trouble finding work.
Per Rob Demovksy of ESPN.com, Perry was not designated as a post-June 1 cut, which means that the Packers will eat all of the dead money from the release ($11.1MM) this year. The club will still save roughly $3.3MM in cap space in 2019, but they could have saved nearly $11MM if they spread out the dead money into 2020.
No surprise. Hurts this year in dead money, but with recent signings it became obvious.
Market is flush with pass rushers this year