Last March, the Seattle Seahawks made a bold commitment to quarterback Geno Smith, signing him to a three-year extension worth $25 million per season, with $40 million fully guaranteed. Fast forward seventeen months, and Smith is reportedly looking for a new contract.
Smith's current deal makes him the 20th highest-paid quarterback in the NFL in terms of average annual value (AAV). Despite some rumblings of discontent, the Seahawks opted to retain Smith for the 2024 season, guaranteeing $12.7 million to keep him on the roster. This decision came at the expense of a $14 million potential cap savings had they chosen to release him.
The Contract and Financial Dynamics
The financial landscape of the NFL is ever-evolving, and keeping up with these changes is a necessity for teams striving for sustained success. Seattle's decision to bypass selecting a quarterback in the draft and instead trading for Sam Howell and signing PJ Walker indicates a strategic approach to their roster management. This move signals a clear belief in Smith’s abilities and a hedge against future uncertainties.
In the 2022 season, Smith’s performance validated the Seahawks' faith in him. Leading the league with a 69.8% completion rate, he amassed 4,282 yards, 30 touchdowns, and 11 interceptions, guiding his team to a 9-8 record and earning a playoff berth. His stellar performance did not go unnoticed, as he earned a spot in the Pro Bowl that year. This level of success continued into the 2023 season, with Smith throwing for 3,624 yards, 20 touchdowns, and 9 interceptions, achieving an 8-7 record and once again securing Pro Bowl honors.
Smith’s Future and Seahawks' Cap Challenges
As Smith approaches his 34th birthday, the question of his future with the Seahawks looms large. The organization finds itself $25.6 million over the salary cap for 2025, according to OverTheCap.com. These fiscal constraints create a complex scenario for Seattle’s front office, as they need to balance cap management with the imperative of retaining key talent.
Considering Smith’s prolific past two seasons, it becomes evident why the Seahawks might be motivated to explore ways to retain him. The idea of crafting an incentive package for Smith this year has been floated as a potential solution, allowing him to earn more money based on performance while mitigating the immediate salary cap impact.
Draft Prospects and Negotiation Dynamics
Looking ahead, Seattle is projected to have the 11th overall pick in the 2025 draft according to sportsbook odds. This mid-round pick places them in a feasible position to select a potential successor at quarterback, if they choose to do so. However, the immediate focus seems to be on making the most of Smith’s tenure.
Smith, for his part, remains upbeat and focused on improvement, stating, "Still getting better." This sentiment underscores his commitment to the game and his desire to continue evolving as a quarterback. As for the Seahawks, the sentiment of the article’s author, "Let's meet at the negotiating table next year," suggests that a resolution might be deferred until the next offseason when the financial picture may be clearer.
In summary, the Seahawks face a multifaceted challenge: navigating their cap situation while keeping a productive and experienced quarterback happy and motivated. How they manage this delicate balance could significantly impact their prospects in the 2024 season and beyond. For Geno Smith, continued performance and potential incentives could provide the motivation he needs, ensuring he remains a pivotal part of Seattle’s aspirations.