According to a source cited by ESPN’s Field Yates on Thursday, the Seattle Seahawks have opted to restructure quarterback Geno Smith’s contract, a move that involves converting his $9.6 million roster bonus into a signing bonus. This maneuver has freed up $4.8 million in salary cap space for the 2024 season.
Under this restructuring, the $9.6 million will be spread evenly over the next two seasons. Consequently, Smith’s cap hit for the current season will decrease from $31.2 million to $26.4 million. However, his 2025 cap hit will rise to $38.5 million.
Originally, Smith’s roster bonus was slated for payment on March 18. However, with the contract restructuring, he will receive this sum now, courtesy of the restructured signing bonus.
Notably, earlier this month, the Seahawks let pass a deadline that would have fully guaranteed Smith’s $12.7 million base salary for 2024. Initially, this amount was guaranteed for injury only when Smith inked his three-year, $75 million deal last March.
Smith’s tenure as Seattle’s full-time starter in 2022 yielded impressive results, earning him a Pro Bowl nod and the NFL Comeback Player of the Year award. Notably, he set an NFL record with seven go-ahead touchdown passes in the fourth quarter and overtime during the 2023 season.
He boasted the league’s highest Total QBR over the final six weeks of that season. However, his performance experienced a downturn in the following season, marked by a decrease of ten touchdown passes (alongside two fewer interceptions).
Despite the fluctuations in his performance, Smith secured the seventh spot in Total QBR in 2022 and the fourteenth spot in the subsequent season, earning a Pro Bowl selection as an injury replacement this month.
Given the uncertainties surrounding Smith’s future with the Seahawks, particularly following his inconsistent season and recent changes in Seattle’s leadership, his trajectory remains a subject of interest.
Notably, Mike Macdonald succeeded Pete Carroll as head coach, while general manager John Schneider assumed final authority over personnel decisions, a responsibility formerly held by Carroll.
