GREEN BAY, Wis. -- A breakdown of the initial wave of free agency for the Green Bay Packers:

Overall grade: C-plus. First-year general manager Brian Gutekunst banked on the idea that careers could be resurrected in Green Bay. That applies to former New York Jets defensive end Muhammad Wilkerson, whose production declined the past two years for what some blamed on distractions in his native New Jersey. It also applies to tight end Jimmy Graham, who despite 10 touchdowns last year for the Seahawks, saw his yardage fall off significantly. But what impacted this grade more than anything was the absence of a top-tier cornerback to help replenish the weakest position on defense. Instead, Gutekunst signed 35-year-old Tramon Williams, who despite a solid year in 2017 for the Cardinals, has to be near the end.

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Most significant signing: Graham is the third different No. 1 tight end in as many years that the Packers have signed in free agency. They would still be on their first had the Jared Cook negotiations not been botched last offseason. Instead, they gambled on Martellus Bennett, and it imploded on them. Now, it's up to Graham to give quarterback Aaron Rodgers the kind of weapon he needs from this position. The Packers' offense has always operated at its best when there's a pass-catching tight end at Rodgers' disposal.

Most significant loss: If you think Jordy Nelson still has something left, then that would fit this category. The Packers, however, clearly did not. They opted to keep the younger Randall Cobb -- despite lower production -- instead of Nelson, whose connection with Rodgers was unmatched. If the Packers wanted to get more speed on the perimeter, they haven't done it yet. They courted former Jaguars receiver Allen Robinson, who picked the Bears instead.

Player they should have signed: Malcolm Butler. The former Patriots cornerback is young enough (28) and hungry enough (after getting benched in the Super Bowl) to make a significant impact as a starter. Yes, it would have been expensive -- he signed with the Titans for an average of $12.2 million per year -- but the Packers remain badly in need of a No. 1 cornerback to pair with last year's top draft pick, Kevin King.

Additions: Wilkerson, DE; Graham, TE; Williams, CB.

Subtractions: Nelson, WR; Morgan Burnett, S; Joe Thomas, LB.

What's next: The Packers were involved early in talks with cornerback Bashaud Breeland, who signed a three-year, $24 million deal with the Panthers. However, that deal was voided when the team failed him on his physical because of a foot injury. Breeland is expected to be healthy later this spring, so the Packers could revisit that possibility. Otherwise, it's hard to imagine they wouldn't take a cornerback early in the draft, perhaps even at No. 14 in the first round.