Miami Dolphins
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A deal to Miami definitely makes sense, but they may be beyond fixing for the foreseeable future, which would make a second-round pick more valuable than Jennings.
Jacksonville Jaguars
Another team that could use weapons at the wide receiver position, the Jaguars would be tempted to make an offer on Jennings. This is a similar situation to Miami, in which they would like to have a go-to guy for their young quarterback, but the Jaguars are a more complete football team than the Dolphins, so bringing in a veteran could be just the right push that this team needs. Jennings won't make the Jaguars a good football team, but he is a piece that could move them closer to competing in the AFC South. Also, Shahid Khan would love to bring in a big name like Greg Jennings to bolster the Jaguars into relevance.
San Diego Chargers
Even though Philip Rivers and the Chargers played well on Monday night, it's clear that Rivers doesn't have much confidence in his receivers. Malcom Floyd looked solid, Meachem had a big catch, but they still need a #1 receiver in San Diego. This team is looking to make some noise this year in the NFL, and they easily could with a couple more players. I'm not sure trading a high draft pick for a veteran is the Chargers style, but the move makes sense, and they could legitimately pull the trigger on this deal.
Seattle Seahawks
Maybe the only positive from trading Jennings is being able to control which team he ends up with. This is probably the least likely, as the Packers would like to keep a guy like Jennings out of the NFC, if possible, but ultimately they would take the best deal (if this deal ever happens, of course). The Seahawks have brought in Terrell Owens and Braylon Edwards, so it is clear that they have been searching for some veteran talent at the receiver position. Jennings is way better than both of those guys, so why not pony up a second rounder and grab him from the Packers?
It will be interesting to see how this story develops. I, for one, can't see a Super Bowl contender trading away their #1 receiver just to get a draft pick. But with the amount of weapons the Packers have, it certainly isn't out of the question. It will be one of the toughest decisions that Ted Thompson ever has to make, and we will see how he handles it.