Packers Land Kaleb Johnson as Josh Jacobs Faces Exempt-List Limbo

The Packers just bought cheap insurance for a very expensive problem. Green Bay acquired running back Kaleb Johnson from Pittsburgh on Saturday for a 2028 sixth-round pick — the Packers' own selection, not the one they picked up from Miami. Johnson confirmed the move himself on Instagram, thanking Steelers fans and welcoming the switch to Lambeau.

The timing is the whole story. Josh Jacobs — Green Bay's clear RB1 and our No. 13 running back off 237 PPR points in 2025 (15 games, 929 rush yards, 13 rushing TDs) — was placed on the commissioner's exempt list Sunday after being charged with two misdemeanors, battery and property damage, tied to a May arrest. That leaves a superstar backfield suddenly without its centerpiece and no clear timeline for his return.

Why Pittsburgh Moved On

Johnson was a third-round pick just last year, 83rd overall out of Iowa, where he was a consensus All-American and Big Ten Running Back of the Year in 2024. The pro version hasn't matched that. He appeared in 10 games as a rookie in 2025, rushed 28 times for 69 yards, caught one pass for nine, and never found the end zone — just 9 PPR points on the season.

A special-teams gaffe early in his rookie year stalled his climb, and the arrival of Mike McCarthy's new staff sealed it. Pittsburgh signed Rico Dowdle to a two-year, $12.25 million deal this offseason to pair with Jaylen Warren, and those two locked up the backfield. Johnson was the odd man out — likely a waiver casualty had the Steelers not found a taker. Getting a Day 3 pick back is a modest win.

What Green Bay Actually Bought

For the Packers, this is a low-risk swing. Johnson carries a three-year, $3.25 million non-guaranteed contract, per Spotrac, so there's basically no financial commitment. Behind Jacobs, Green Bay's room is thin: Marshawn Lloyd and Chris Brooks, who managed just 33 PPR points across 17 games in 2025. Adding a recent Day 2 talent with real college pedigree gives them a body and a lottery ticket.

The catch is that we've seen nothing from Johnson at the NFL level to suggest he's ready to carry a backfield. Landing in a new scheme on short notice, weeks before the season, isn't a recipe for immediate production. He's depth first, upside second.

The Fantasy Fallout

Start with Jacobs. He's the obvious loser here — not because his talent slipped, but because the exempt list has no fixed exit date. If you drafted him as your RB1, you're now stapled to a player who may miss significant time. Don't drop him; the ceiling is too high once he's back. But you need to insulate the roster now.

The most direct beneficiary in fantasy terms is Marshawn Lloyd, who sits ahead of the newcomer on the depth chart and would likely lead the committee if Jacobs misses time. Johnson is a stash-only add in deep leagues — our No. 94 running back for a reason. He's worth a bench spot in 14-team formats as a break-glass option, nothing more right now.

One more note for Steelers stakeholders: this trade cements Rico Dowdle's role. He's our RB18 off 216 PPR points in 2025 and now has one fewer body threatening his touches, alongside Warren. Dowdle's stock quietly ticks up.

Bottom line: hold Jacobs and grab whatever handcuff you can — Lloyd first, Johnson as the flyer. If Jacobs draws a multi-week suspension, that Green Bay backfield becomes a weekly guessing game, and you'd rather own the guessing game than watch it.