Last March, the Seattle Seahawks doubled down on their belief in Geno Smith by inking the quarterback to a lucrative three-year extension valued at $25 million annually. The deal includes $40 million in guaranteed money, cementing Smith's status as a cornerstone of the franchise. Currently, his contract situates him as the 20th highest-paid quarterback in the NFL in terms of average annual value (AAV).
A Calculated Gamble
The Seahawks' decision to secure Smith for the 2024 season by guaranteeing $12.7 million wasn’t taken lightly. This move came with significant financial considerations, balancing the immediate benefit of keeping their proven quarterback against the potential savings of $14 million from releasing him. Seattle's front office opted for stability, eschewing the cap-friendly release option.
In a notable strategic choice, Seattle bypassed drafting a new quarterback, electing instead to trade for Sam Howell and sign PJ Walker. This move underscores their confidence in Smith's capabilities and their commitment to building a competitive roster around him.
Proven Performance
Geno Smith's performance over the past two seasons validates the Seahawks' investment. During the 2022 season, Smith led the league with an impressive 69.8% completion rate, accumulating 4,282 yards, 30 touchdowns, and 11 interceptions. His efforts steered Seattle to a 9-8 record, earning them a playoff berth and securing Smith a spot in the Pro Bowl.
The 2023 season saw Smith continue to deliver, throwing for 3,624 yards, 20 touchdowns, and 9 interceptions, leading the team to an 8-7 record and once again earning Pro Bowl honors. As he approaches his 34th birthday, Smith is showing no signs of decline. Reflecting on his performance and future prospects, Smith emphatically stated, "Still getting better."
Salary Cap Challenges
Despite Smith's steady performance, the Seahawks face considerable financial challenges ahead. According to OverTheCap.com, Seattle is projected to be $25.6 million over the salary cap for 2025. These constraints necessitate strategic financial management to maintain their competitive edge.
One potential solution floated by the organization is the creation of an incentive package for Smith. Such a package could provide additional motivation while offering the team some cap flexibility. The specifics of this package remain under consideration, with the idea of meeting at the negotiating table next year gaining traction among team insiders.
Looking to the Future
Seattle's long-term strategy also hinges on the upcoming draft. The team is projected to have the 11th overall pick in the 2025 draft according to sportsbook odds. This pick represents a crucial opportunity for the Seahawks to further build around Smith and address other roster needs.
For now, the Seahawks’ commitment to Geno Smith is clear. His consistent performance, leadership, and resilience continue to earn him the trust of the organization and its fanbase. As the team navigates the complex landscape of player contracts and salary caps, Smith remains a pivotal figure in their quest for success.