Seattle’s Geno Smith had his contract restructured to help free up cap space in 2024 for the Seahawks – originally posted on Sportslens.com
In 2020, Geno Smith joined the Seattle Seahawks. He previously spent four seasons with the Jets, one with the Giants, and then one with the Chargers. Smith made 31 starts over those six seasons. When he joined the Seahawks, Smith was still QB2 behind Super Bowl champion Russell Wilson. However, the team moved on from Wilson after the 2021 season and traded him to the Broncos.
That gave Geno Smith a chance to become their full-time starter in 2022. Smith took full advantage of that opportunity and has been Seattle’s starter for the last two seasons. In his 2022 campaign, the 33-year-old put up career-high stats across the board and won AP Comeback Player of the Year. Recently, ESPN’s Field Yates reported that Smith is being a team player and is restructuring his contracts. It will free up cap space in 2024 for Seattle.
Around $4.8 million in cap space was freed up for the Seahawks in 2024 after restructuring Smith’s contract
The Seahawks have restructured the contract of QB Geno Smith, converting his $9.6M roster bonus into a signing bonus and creating $4.8M in 2024 cap space, per source.
— Field Yates (@FieldYates) February 22, 2024
Seattle is converting Geno Smith’s $9.6 million roster bonus into a signing bonus for the 2024 season. In doing so, they free up $4.8 million in cap space. Additionally, the Pro Bowl QB’s cap hit was reduced from $31.2 to 26.4 million. The downside to restructuring Smith’s deal is that his 2025 cap hit raises to $38.5 million. That’s a heavy cap hit for a player who will turn 35 in the fall of the 2025 season.
Along with the restructuring, his $12.7 million base salary was initially an injury guarantee. However, a deadline passed earlier this month, and that $12.7 million was fully guaranteed to Smith. All signs point to the Seahawks sticking with Geno Smith for the 2024 season. His numbers declined in 2023 compared to his breakout season in 2022. Smith will have at least one more season to be the full-time starter for the Seahawks.
Seahawks are converting Geno Smith’s $9.6M roster bonus into a signing bonus, per @FieldYates
Seahawks save $4.8M in 2024 cap space with this move
pic.twitter.com/UGXgbx4f0Z
— B/R Gridiron (@brgridiron) February 23, 2024
After his breakout season in 2022, the Seahawks gave Smith a three-year, $75 million contract extension. His deal was based on incentives and performance escalators. An extremely smart move by Seattle’s front office to put themselves in the driver’s seat with his deal. It gives them a unique opportunity to take his contract season-by-season. If Seattle moves on from the veteran QB in 2025, they’ll be left with about $13.5 million in dead money. That’s a decision the team will have to make after the 2024 season.
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