Seahawks Reward Geno Smith With Massive Extension, Get Flexibility at QB
After ramping up negotiations with the franchise tag deadline looming, the Seattle Seahawks have reportedly agreed to terms with Pro Bowl quarterback Geno Smith on a new three-year, $105 million contract, per multiple reports Monday.
The deal makes him one of the 10 highest-paid at his position in the NFL.
It's yet another chapter in an improbable feel-good revival for Smith, who replaced star quarterback Russell Wilson last season and vastly exceeded expectations while guiding Seattle to a wild card berth. Unfazed stepping under center in place of a legend, he led the NFL with a 69.8 percent completion rate, became only the third quarterback in team history with 30 touchdown passes, and set a new franchise mark for passing yards in a single season.
Leading Shane Waldron's offense with impeccable command and precision for the Seahawks, Smith captured Comeback Player of the Year honors, positioning himself for the first big payday of his 10-year career. Deadlines spur action and with both sides motivated to get a deal done, ink hit paper on Monday afternoon, ensuring their partnership would last for at least three more seasons.
Full contract details have yet to be revealed, but according to The Score's Jordan Schultz, Smith could earn up to $52 million in the first calendar year of the extension. On Tuesday, NFL Network insider Mike Garafolo indicated the deal contains $25 million per year in base salary, $40 million in guarantees, and $30 million in incentives. After famously saying the NFL wrote him off but he "didn't write back," he seized his opportunity to cash in after spending seven seasons as a backup with three teams before his resurgence in 2022.
What does that mean for Smith and the Seahawks? The devil will be in the details and judgement should be reserved until the entire structure of the contract is revealed with cap hits and signing bonuses. But if he can earn near half of the $105 million in the first year of the contract as reported and a significant chunk of the deal is based on incentives, the deal looks to be a win/win in the short-term for both the quarterback and the franchise.
If Smith manages to maximize his salary in 2023, he would be the second highest paid quarterback in the NFL. And, with incentives being a big part of the equation, that would suggest he enjoyed another strong season orchestrating Waldron's offense, which would further cement his standing as Seattle's franchise signal caller. Under that premise, the rest of the contract would be a relative steal at a premium position.
At the same time, the structure of such a heavily front-loaded deal would give the Seahawks a safeguard in the event Smith's play regresses in 2023 and he doesn't come close to matching his production from a year ago. Depending on guaranteed money in the final two years of the contract and resulting dead cap hits, they could have an easy out to move on if necessary.
Why is this potentially a big deal? Coach Pete Carroll and general manager John Schneider haven't been shy about taking close looks at incoming quarterbacks from a talented 2023 draft class, including meeting with uber-athletic Florida prospect Anthony Richardson at the scouting combine last week.
Speaking with reporters in Indianapolis last Tuesday, Schneider referenced lessons learned under former Packers general manager Ron Wolf, who frequently drafted quarterbacks to develop behind Brett Favre. Even if the Seahawks planned to re-sign Smith, with them holding the No. 5 overall pick, they were going to do their due diligence evaluating quarterbacks while keeping the door open to pick one early.
"Because they don't grow on trees," Schneider responded when asked why Seattle would consider a quarterback early after paying Smith. "It's probably the hardest position to acquire talent that everyone feels confident in."
Clearly interested in Richardson and potentially excited about another top quarterback prospect such as Ohio State's C.J. Stroud or Kentucky's Will Levis, the Seahawks have afforded themselves a great deal of flexibility at the quarterback position. Just as the Packers did when Wolf ran the show, Schneider could draft one early to develop and groom behind Smith and in time, supplant him as the starter.
And if Smith continues to ascend and perform as a top-five quarterback? Seattle could flip the quarterback drafted to another team a few years from now for a high draft pick and start the process all over again.
Of course, with Smith now under contract through 2025, the Seahawks could also scrap the idea of drafting a quarterback entirely. After handing him the bag at $35 million per year annually with incentives included, they may be more than comfortable taking their abundance of draft capital with four selections in the first 52 picks and stacking the roster around him rather than wasting a pick on a player at his own position.
From a draft perspective, Schneider has put himself in a position where he can win on multiple fronts. If the right quarterback falls to him, he can pull the trigger. If there's a run on quarterbacks in the first four picks and a top pass rusher such as Alabama's Will Anderson falls into his lap, he can secure a blue chip talent to help bolster a defense that struggled for much of the 2022 season.
In the event multiple players Seattle covets remain available, Schneider can also play the role of auctioneer, starting a bidding war for teams to trade up to No. 5 and hand over several premium picks in exchange. The options are endless.
Ultimately, the Seahawks wouldn't have committed massive bucks to the 32-year old Smith if they didn't believe he could maintain or improve upon his performance from a year ago. They paid him as a franchise quarterback with the expectation he will continue to thrive throwing to DK Metcalf and Tyler Lockett. Until how guarantees are allocated and yearly cap hits are revealed, it's hard to tell the long-term ramifications of the deal.
But based on the information that has been reported, knowing Smith only has one season of stellar play in the NFL under his belt, Seattle has set things up to protect themselves. As details continue to slowly trickle in, one certainty is that Schneider and company aren't going to stop assessing this year's quarterback class with the option to pick one in the first round if they choose.
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