Bakh has a 40 million cap hit this year with 20 million of new money coming. If he's cut he doesn't get another cent of that 20 million. It's unlikely anyone guarantees him anywhere near that amount of money so there is some incentive for him to work with the Packers.
A restructure that guarantees him 20 million and is for something like 2 years and 30 million (with some incentives built in if he is a Pro Bowler, for example) would make sense. The Packers would save roughly 25 million in cap space this year, Bakh would see 20 million in new money, and his dead cap hit next year would be a manageable 15 million (that could be reduced further by splitting it over 2 years if he's released after June 1, 2025).
We'll see if he resists that - and the only reason I could see for doing that would be he knows the Jets would match or beat the guaranteed money. He might get an incentive laden contract from someone where he can make a lot of money if he's healthy, but no other team is going to sign him for any amount of large guaranteed money
I know others on here have mentioned that he won't want to play on their crappy turf in NY, but this is his last chance to make some more cash before he'll struggle to find a job that pays 6 figures a year after football. If the Jets send word they'll give him more money, that is likely to be where he ends up.