Since learning on Monday that the Seattle Seahawks had come to agreement with Geno Smith on a multi-year contract extension fans have been waiting to see exactly what the contract will cost the team. Thursday the details of the $30M of incentives in the contract became known, and late Friday afternoon New York time the details of the contract and the associated cap hits were publicized by OverTheCap.com.
So, without wasting any further time, the details of Smith’s contract are as follows:
- Signing Bonus: $26.1M (fully guaranteed at signing)
- 2023 Base Salary: $1.2M (fully guaranteed at signing)
- 2024 Base Salary: $12.7M (guaranteed for injury at signing, vests to full guarantee the Friday after the Super Bowl in 2024)
- 2024 Roster Bonus: $9.6M (Payable the Monday after the start of the new league year in 2024)
- 2025 Base Salary: $14.8M (Payable the Monday after the start of the new league year in 2025)
- Annual Workout Bonus: $200,000
As for what that all means in terms of his cap hits, his base cap hits before any incentives are as follows:
- 2023: $10.1M
- 2024: $31.2M
- 2025: $33.7M
Of note, the Seahawks are able to walk away from the contract after just a single season, however, doing so would result in $17.4M in dead money in 2024. To head off the question before it is asked, it is not possible to reduce that dead cap hit through the use of a post-June 1 designation. The reason for that is that a post-June 1 designation may only be made after the start of the new league year in March, and by that time Smith’s 2024 base salary of $12.7M would have vested from guaranteed for injury only to fully guaranteed simply by virtue of being on the roster the Friday after the Super Bowl.
In addition, the performance escalators in his contract could potentially increase the roster bonuses payable in 2024 and 2025 by up to $15M in each year, meaning depending upon his on field production the 2024 and 2025 cap hits could bloat to $46.2M and $48.7M, respectively.
In any case, Geno’s 2023 cap hit is certainly low enough that the team could still be active in free agency, depending upon how aggressive they would like to be. Now it’s a matter of waiting until next week to see what the team does in free agency.