It’s been seeming increasingly likely that the Seahawks would hold on to Geno Smith for the 2024 campaign. Thanks to Thursday’s cap machinations, the organization all but confirmed that notion.
According to ESPN’s Field Yates, the Seahawks have restructured Smith’s deal, converting $9.6M of his roster bonus into a signing bonus. The move will save the Seahawks around $4.8M in 2024 cap space, and Bob Condotta of the Seattle Times adds that the move reduces Smith’s cap hit from $31.2M to $26.4M. Smith’s $12.7M 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 $9.6M 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 this 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, $75M 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 OverTheCap.com writes, the Seahawks will now be left with $13.5M in dead money if they cut Smith in 2025.
By carving out that extra $4.8M 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.
More must-reads: