The Green Bay Packers are bolstering their backfield with one of the top running backs on the market. The club is signing former Las Vegas Raiders back Josh Jacobs to a four-year, $48 million deal, according to NFL Media. The specific terms of Jacobs' deal with the Packers were not immediately disclosed. The deal can't become official until the new league year rolls through on Wednesday, March 13. 

While this may come as an initial surprise, the team has been in the market for an elite running back to add to its backfield for quite some time. Last summer amid his contract feud with the Colts, the team was reportedly inquiring about Jonathan Taylor, but no blockbuster ultimately came to fruition. Fast forward a few months and the Packers now have fetched themselves a top-tier back in Jacobs. His new deal is the third-highest in total value ($48 million) among running backs while his contract's average per year (12 million) ranks as the fifth-highest in the league per OverTheCap.com. 

In the hours following Jacobs and the Packers agreeing to terms, NFL Media reported that the team is releasing veteran Aaron Jones. He was signed through next season and was reportedly in discussions on a new deal. Those talks have since broken down and his culminated in his release. The arrival of Jacobs may also spell the end of A.J. Dillon's time with the organization as he is currently a free agent as well. 

The Packers freed up around around $32 million in cap space by releasing Jones and All-Pro left tackle David Bakhtiari on Monday, and they followed up the signing of Jacobs by adding former New York Giants safety Xavier McKinney on a four-year, $68 million contract. 

Jacobs had spent his entire career with the Raiders up until this signing. Las Vegas (then Oakland) drafted him with the No. 24 overall pick in the 2019 NFL Draft out of Alabama and proved to be a featured piece within their offense over his tenure. He topped a thousand scrimmage yards in each of his five seasons with the team and rushed for over a thousand yards in three of those campaigns as well. That includes a 2022 season where Jacobs led the NFL in rushing (1,653) and total yards from scrimmage (2,053). 

Last season, Jacobs rushed for 805 yards and six touchdowns in just 13 games played. He also caught 37 of his 54 targets for 296 yards. 

Jacobs was the No. 24 overall free agent on CBS Sports senior NFL analyst Pete Prisco's Top 100 list.