The oval "G" logo which stands for the "G" in Green Bay was created in 1961 by Packers equipment manager Gerald (not George) "Dad" Braisher. Tiki Barber falsely reported it to stand for "greatness" without a reliable source to back up his claims; along with calling him George instead of Gerald. Other reputable media outlets then published similar stories using Barber's false claim as a source. The Packers' Assistant Director of PR and Corporate Communications had the following to say: "There's nothing in our history that suggests there's any truth to this."
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Greatness
The G is for Green Bay.
It can be debated. Please see related link for one source.
Green Bay.
There seems to be a story floating around that it stands for "greatness," but there's no evidence to back it up. Don't overthink the obvious answer.