HEADLINES

Geno Smith Seeking Seahawks Extension

August 17th, 2024 at 8:55pm CST by Sam Robinson

Geno Smith‘s stunning 2022 season prompted the Seahawks to re-sign him, authorizing a big raise. Smith’s current contract — initially reported as a three-year, $105MM deal — checked in much lower once the fine print emerged, and the team has flexibility due to the contract’s structure.

The resurgent quarterback agreed to a contract worth $75MM in base value, and it gave the Seahawks the option to move on without too much dead money in 2024. Although the Seahawks restructured the deal this offseason to lock in their starter for 2024, they could break free for just $13.5MM in dead cap in 2025. For a veteran starting quarterback, Smith is at the low end of the salary spectrum.

Following Smith’s agreement, the Saints gave Derek Carr a four-year, $150MM deal that featured $70MM in practical guarantees. Soon after, the Giants re-signed Daniel Jones on a four-year, $160MM pact that brought $81MM guaranteed. Kirk Cousins recently received a $100MM practical guarantee, with that Falcons accord coming soon after the Buccaneers re-upped Baker Mayfield at three years and $100MM ($50MM practical guarantee). These deals make Smith’s look quite team-friendly, and NFL.com’s Mike Garafolo said during a recent podcast with Pucksports.com the 12th-year QB has approached the team about an extension.

Smith’s camp talked about the deal with the Seahawks in the offseason, but it does not seem the team is too interested in an extension or a true adjustment. Nothing sounds imminent, and Garafolo mentioned incentives as a potential outcome to resolve this situation before Week 1. Smith is due $12.7MM in base salary this year and counts $26.4MM against Seattle’s cap. The Seahawks’ February restructure did not bring any void years, only inflating Smith’s 2025 cap hit to $38.4MM.

In mid-February, the Seahawks informed Smith he would remain on their roster past a Feb. 16 point in which his $12.7MM base would shift from guaranteed for injury only to a full guarantee. Smith is entrenched as Seattle’s centerpiece player this season, but no guarantees are in place for 2025. Considering a new coaching staff is now in place, the former second-round pick will likely need to prove himself again to secure a place on Seattle’s 2025 squad.

The Seahawks had Smith at just $3.5MM (plus incentives) in 2022, when he beat out Drew Lock to replace Russell Wilson. Smith’s Comeback Player of the Year showing produced a 9-8 record and he set a franchise record with 4,282 passing yards. Smith led the NFL with a 69.8% completion rate that year. In 2023, Smith’s completion rate dropped to 64.7, and his yards per attempt fell a bit — from 7.5 to 7.3 — as well. QBR still placed Smith 14th last season and seventh in 2022.

Smith will also turn 34 in October; he is running out of time to capitalize on his newfound value. But the Seahawks have him on an extraordinarily team-friendly pact. The ex-Jets draftee is essentially on his own tier, forming a lower middle class between the Mayfield-Carr-Jones level and the Gardner Minshew–Sam Darnold stopgap plane. Smith sits as the NFL’s 20th-highest-paid passer, with three others — Trevor Lawrence, Jordan Love and Tua Tagovailoa — leapfrogging him by a monster margin thanks to joining the expanding $50MM-per-year club this summer.

Now holding final say after Pete Carroll‘s ouster, GM John Schneider can evaluate Smith’s fit in Ryan Grubb‘s offense before making a call. A potential extension could come to pass if Smith shows early progress under the former Washington Huskies play-caller, but a deal ahead of Smith’s age-35 season in 2025 would be highly unlikely to land on the top tier among QBs.

For now, the Wilson successor remains locked into a starting job — as the Seahawks passed on first-round QBs in 2023 and ’24 — and is poised to aim at improving his situation this season.

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