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.
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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 OverTheCap.com 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.
Geno’s NFL journey could inspire a lot of players who are dealing with struggles of their own so why would you not want this guy in your locker room?
Good move by Hawks. Gives them some salary cap room and a veteran QB on team. They do need to start thinking future though. Geno not getting any younger and I think we have seen what he has to offer. As of right now they still need backup QB also. No guarantee that Lock will resign.
Dislike Geno. Waste of everyone’s time and money.
This is the right move for getting this guys hopes up. Terrible move if you like winning. Every year should be treated as a winning season. Building a perfect team. Too many teams settle. It’s sick.
Seattle had the 30th ranked defense in the NFL. Offense has not been the problem the last two seasons. Drafting Zach Wilson or Josh Rosen is not a better path to winning. Too many teams try to build around a young QB with a terrible roster. I think that the 49ers model of building an elite roster then adding a QB is a way better plan. Geno cannot carry the team, but he is a serviceable and inexpensive top 15 QB that has won a lot of games the last two years. Having him around while the defense is remade, then adding a young QB that also doesn’t have to carry the team, is the best path.
Not sure who you are talking to. But you replied to God. Offenses have won every Super Bowl in recent memory. Defenses follow winning teams. You build an offense and defense lines up. The problem was Geno. Trade an outlier. You don’t keep him. Dumbest move since throwing to sherm
I would have thought God woud have better takes on football. The 2013 Seahawks won a superbowl with defense. Check into it God.