According to ESPN’s Field Yates, the NFL reporter spoke with a source who revealed the Seattle Seahawks have restructured quarterback Geno Smith’s contract. This involves the conversion of his $9.6 million roster bonus into a signing bonus — generating $4.8 million in additional salary cap space for the 2024 season.
The $9.6 million will be dispersed evenly across the upcoming two seasons. Smith’s cap hit for the current season will diminish from $31.2 million to $26.4 million. It’s worth noting, however, that his cap hit for the 2025 season will rise to $38.5 million as a result of this restructuring.
Originally slated for March 18, Smith’s roster bonus will now be disbursed promptly as a result of the adjusted signing bonus. Notably, the Seahawks allowed a recent deadline to lapse earlier this month, which would have triggered the full guarantee of his $12.7 million base salary for the 2024 season. Initially, this money was only guaranteed for injury when Smith inked his three-year, $75 million contract last March.
In 2022, Smith’s first season as Seattle’s full-time starter, he earned a Pro Bowl nod and secured the NFL Comeback Player of the Year award. Smith made NFL history by throwing seven go-ahead touchdown passes in the fourth quarter and overtime during the 2023 season. He also boasted the league’s highest Total QBR over the final six weeks of ’23.
With the appointment of Mike Macdonald as head coach, replacing Pete Carroll, and the shift in personnel decision-making authority to general manager John Schneider, the Seahawks could look very different in 2024. Regardless of the new regime, however, Smith will have plenty of weapons to work with as his top three wideouts (Metcalf, Lockett, Smith-Njigba) and two lead running backs (Walker III, Charbonnet) will be back.
