Seahawks agree to contract restructure with veteran leader

The new deal is two years in length and has a base value of $30M. That figure includes almost $13M guaranteed for the 2024 campaign, Garafolo notes. Lockett can reach a maximum of $34M in earnings over the course of the restructured contract, which will take the place of his previous one.

Lockett had two years remaining on his former deal, but his compensation in 2024 and 2025 ($17M) was far outweighed by his cap hits for those seasons ($26.9M). As a result, the 31-year-old could have found himself as a cap casualty (particularly with a post-June 1 designation) as part of the Seahawks’ financial maneuvering. Seattle has cut ties with several veterans recently, but Lockett will not join them for at least this offseason.

Jason Fitzgerald of Over the Cap predicts this new pact will lower Lockett’s 2024 cap hit by roughly $10M, something which will be welcomed for Seattle. The team entered Saturday with $42M in cap space, but added flexibility on the open market could allow for more outside additions in the hopes of rebounding from the 2023 season failing to produce a postseason appearance. The move will also give Lockett at least a 10th campaign in the Emerald City while also providing an opportunity for a personal bounce-back.

The former All-Pro posted 894 yards and five touchdowns in 2023. Both figures marked his lowest since 2018 and the presence of not only D.K. Metcalf, but also 2023 first-rounder Jaxon Smith-Njigba made a mark on his role. Lockett drew more targets (122) than Smith-Njigba (93), but that balance could shift toward the latter as time goes on. Each member of Seattle’s top receiver trio is under contract through at least 2025, although Lockett could again face questions about his future next offseason. It will be interesting to see the details of his new contract and his ability to earn an extended stay through his play in 2024.