According to a source cited by NFL Network Insider Ian Rapoport, McKinney's deal will make him the third highest-paid safety in the NFL based on average annual value, earning $17 million per year.

McKinney's arrival comes at a promising time for the Packers, as they surprised many by reaching the Divisional Round of the playoffs in 2023. Despite not having any postseason accolades to his name, the talented safety showcased his potential with an impressive overall defensive grade in 2023, according to Pro Football Focus.

The statistical analysis from PFF reveals that McKinney outperformed the man he is replacing, Darnell Savage, who recently agreed to a three-year deal with the Jacksonville Jaguars. McKinney's coverage grade of 91.2 was the highest among all safeties in the league last season, surpassing the likes of Jessie Bates from the Atlanta Falcons, Jevon Holland from the Miami Dolphins, and Kyle Hamilton from the Baltimore Ravens. In comparison, Savage finished with a grade of 61.7 in the ten games he played.

Notably, McKinney's contributions extend beyond coverage skills. He displayed his versatility by ranking seventh among all defensive backs in tackles, with an impressive tally of 116 in the 2023 season. Additionally, McKinney joined the exclusive group of defensive backs with over 115 tackles and ten or more passes defensed, highlighting his well-rounded abilities.

This signing comes as the Packers are in a fortunate financial position, thanks to Jordan Love's rapid development in his first year as a starter. With Love's contract accounting for just $12.7 million in cap space this season, Green Bay has additional resources to bolster their roster. General Manager Brian Gutekunst is wasting no time in making the necessary upgrades, aiming to position the team as a strong contender for the NFC North title and beyond in 2024.

The acquisition of Xavier McKinney adds another notable name to the Packers' backfield, joining standout cornerback Jaire Alexander. The team's busy afternoon on the first day of the 2024 negotiating period also included the signing of running back Josh Jacobs, who will step in to replace the soon-to-be-released Aaron Jones.

With the addition of McKinney, Green Bay's secondary receives a substantial boost, solidifying their defense and instilling confidence as they look towards the upcoming season.