As predicted, it's a two-year deal plus we'll see (as Andrew Brandt would say).

https://overthecap.com/player/nate-hobbs/9631

Cap hits/Dead cap by year

2025: $6M/$16M
2026: $13M/$12M
2027: $14M/$8M
2028: $14.7M/$4M

If he plays well in 2025, the Packers can restructure his deal next offseason and bring his 2026 hit down to $8M.

Essentially, the Packers will have him on the roster for two years and then if they want to get out of it, they can cut him in 27 and save $6M.

Pretty standard contract from the Packers.