The 6-foot-4 inch, 313-pound four-year veteran out of Arkansas State made a career-high 51 tackles and equaled a career-best with seven sacks while playing in 16 games (nine starts) last season.
Being the franchise player means an automatic one-year contract which is the average of the top five players at his position.
It gives the Packers leeway to work on a long-term deal as well as the right to match an offer made by any other NFL club.
"Corey is a good young football player and has been a consistent performer for our team," said Packers Executive Vice President, General Manager and Director of Football Operations Ted Thompson. "He has been a consistent performer for our team."
Also, longtime tight end Bubba Franks was released.
Franks, a first-round draft pick in 2000, has 32 touchdowns after 256 receptions for 2,300 yards in eight seasons.
2014: The Year in Music [PHOTOS]