The good news for the Green Bay Packers in connection with the retirement of quarterback Brett Favre is that the franchise has picked up $11.4 million in cap space for 2008.

Favre’s cap number for 2008 is $12.8 million, based on a salary of $12 million and a bonus proration of $800,000.  The $800,000 counts regardless of the retirement, but the $12 million instantly comes off the books as soon as Favre files his retirement papers.

If the papers are filed before June 1, a 2009 bonus proration of $600,000 will accelerate into 2008, reducing the total cap savings from $12 million to $11.4 million.

And given that the Packers currently have $18.4 million in cap space, the official retirement will result in total cap room of $29.8 million, if the retirement comes before June 1.