Seahawks restructure Geno Smith's contract in clear signal veteran quarterback will return for 2024

If you had any lingering doubts about Geno Smith being on the Seattle Seahawks for 2024, you can probably let go of them now. The Seahawks, per ESPN's Field Yates, have restructured starting quarterback Smith's contract, converting his $9.6 million roster bonus into a signing bonus and clearing $4.8 million in cap space. Smith had […]

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Jan 7, 2024; Glendale, Arizona, USA; Seattle Seahawks quarterback Geno Smith (7) looks on after beating the Arizona Cardinals at State Farm Stadium.
Matt Kartozian-USA TODAY Sports

If you had any lingering doubts about Geno Smith being on the Seattle Seahawks for 2024, you can probably let go of them now.

The Seahawks, per ESPN's Field Yates, have restructured starting quarterback Smith's contract, converting his $9.6 million roster bonus into a signing bonus and clearing $4.8 million in cap space. Smith had been due to earn the roster bonus on the fifth day of the new league year.

It is a move that not only helps Seattle's cap situation, but also essentially guarantees Smith will be around for 2024. He gets all of the bonus now, but the Seahawks can spread the hit from paying it over this year and next.

According to Over The Cap, the restructure puts the Seahawks about even with the estimated salary cap of $242 million, though there is talk of it being closer to $250 million.

For Smith, with more guaranteed money coming imminently, he can likely look forward to a third season as the starter for Seattle.

If the Seahawks, who could be in the conversation for one of the second-tier quarterbacks in the draft such as Michael Penix Jr. or Bo Nix, wish to move on in 2025, Smith would carry a dead cap charge of $13.5 million.

But that is an issue for another time for the 2022 Comeback Player of the Year, who will hope he can vindicate the Seahawks' decision to stick by him following the hiring of Mike MacDonald as Pete Carroll's successor as head coach by leading Seattle back to the playoffs. The Seahawks missed the postseason as a 9-8 team in 2023.