Seahawks Restructure Geno Smith’s Deal

It’s been seeming increasingly likely that the Seahawks would hold on to Geno Smith for the 2024 campaign. Thanks to today’s cap machinations, the organization all but confirmed that notion.

[RELATED: Seahawks Plan On Retaining Geno Smith?]

According to ESPN’s Field Yates, the Seahawks have restructured Smith’s deal, converting $9.6MM of his roster bonus into a signing bonus. The move will save the Seahawks around $4.8MM in 2024 cap space, and Bob Condotta of The Seattle Times adds that the move reduces Smith’s cap hit from $31.2MM to $26.4MM. Smith’s $12.7MM base salary shifted from an injury guarantee to fully guaranteed last week, further increasing the chances that he’d be sticking around for at least 2024.

That $9.6MM roster bonus wasn’t set to vest until March 18, a deadline that could have bought the team some extra time to figure out a trade for the veteran QB. While the Seahawks compromised their flexibility by making today’s move, there were also benefits. Condotta notes that the restructuring allowed the front office to spread the cap hit across two seasons, and Smith obviously won’t complain about getting that money sooner.

Following his breakout 2022 campaign, the Seahawks signed Smith to a three-year, $75MM extension. Still, that contract was heavy on incentives and performance escalators, meaning the Seahawks effectively had the opportunity to take it year-by-year. Assuming the Seahawks don’t make an unexpected trade, the organization will likely face the same decision next year. As Jason Fitzgerald of writes, the Seahawks will now be left with $13.5MM in dead money if they cut Smith in 2025.

By carving out that extra $4.8MM in cap room, the Seahawks are now just about at the estimated cap for the 2024 campaign. The organization can still rework Smith’s base salary in an attempt to open more breathing room, but there’s less urgency on that front.

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