Sources: Seahawks to let Smith collect $12.7M

Brady Henderson, ESPNFeb 15, 2024, 02:13 PM ET
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RENTON, Wash. — Seattle Seahawks quarterback Geno Smith, who has $12.7 million on his contract that is set to become fully guaranteed Friday, was informed Thursday that he will remain on Seattle’s roster through this week, sources told ESPN’s Adam Schefter.

Smith’s contract calls for his $12.7 million base salary for next season to become fully guaranteed Friday provided he’s still on the roster. That money was guaranteed for injury only at the time Smith signed his three-year, $75 million deal last March.

Smith is now assured of collecting that $12.7 million, though he isn’t necessarily assured of remaining with Seattle next season as the Seahawks could trade him before March 18.

Smith also has a $9.6 million roster bonus due on March 18 as well as a $200,000 workout bonus. The $22.5 million he’s set to make in 2024 ranks 18th among quarterbacks, according to Spotrac.com. Smith’s $31.2 million cap charge for next season ranks 12th among quarterbacks, according to OverTheCap.com.

The Seahawks believed that, with salaries soaring for starting quarterbacks in today’s market, the right decision was to guarantee Smith’s $12.7 million, sources told Schefter. Now Smith will represent a value to them — or any other team that decides to reach out to see if it can acquire Smith via trade.

Smith made the Pro Bowl and won NFL Comeback Player of the Year in 2022 in his first season as Seattle’s full-time starter after spending most of the previous seven seasons as a backup. He threw an NFL record seven go-ahead touchdown passes in the fourth quarter and overtime in 2023 and posted the league’s best Total QBR over the final six weeks. But his numbers dipped across the board this past season, including 10 fewer touchdown passes (he also threw two fewer interceptions).

Smith finished seventh in Total QBR in 2002 and 14th this past season, making the Pro Bowl this month as an injury replacement.

Smith’s future with the Seahawks has seemed uncertain after his up-and-down season and the recent shakeup in Seattle’s power structure. Mike Macdonald replaced Pete Carroll as coach while general manager John Schneider was given final say on personnel matters, which used to belong to Carroll.

Neither Schneider nor Macdonald have made public comments committing to Smith as Seattle’s starter in 2024. In his introductory news conference this month, Macdonald called Smith a “really good player” but seemed to allude to his uncertain future by saying, “we’ll see how the whole situation shakes out over time.”