Geno Smith is now a $100 million man with the Seattle Seahawks, technically $105 million to be exact. According to The Score’s Jordan Schultz, Smith agreed to a three-year, $105 million new contract with the Seahawks and the quarterback can earn as much as $52 million in the first season likely if certain incentives are hit.
Smith’s deal gives the quarterback an average annual salary of $35 million, and it will be interesting to see exactly how Seattle structured the veteran’s deal. ESPN’s Brady Henderson reported that Smith will receive $52 million of the $105 million contract in the first year, but it remains to be seen what the quarterback’s cap hit will be in 2023.
“Breaking: Geno Smith and the Seahawks are finalizing a three-year contract extension worth $105M with the ability to earn $52M in the first calendar year, sources tell @theScore,” Schultz tweeted on March 6, 2023. “Smith earned Comeback Player of the Year and Pro Bowl honors after leading the NFL in completion %.”
The news comes on the eve of the March 7 franchise tag deadline. The Seahawks had the option to use the franchise tag on Smith, but the team would have owed Smith $32.4 million for 2023. Seattle would have had to revisit contract discussions with Smith in 2024 and also had to absorb all of the $32.4 million cap hit this season. For context, Spotrac indicated that Smith’s market value was a two-year, $78.6 million contract.
Geno Smith Will Likely Earn More Money in 2023 Than His Entire NFL Career Combined
Smith is getting a massive raise from his one-year, $3.5 million contract the quarterback signed with Seattle last offseason. According to Spotrac, Smith has career earnings of $17.4 million and the new contract numbers indicate the Pro Bowler will likely earn more in 2023 than his previous seasons combined.
It will be worth watching to see how much guaranteed money is part of the Seahawks’ deal with Smith, and if Seattle has an out where the franchise can move on from the quarterback before the deal expires in 2026.
Geno Smith on Seahawks: ‘They Embraced Me & I Want to Repay ‘Em for That’
Heading into the offseason, Smith emphasized his desire to “repay” the Seahawks for their belief in him. The quarterback indicated that his hope was not to squeeze every possible dollar he could out of the franchise during negotiations.
“I want to finish my career in Seattle,” Smith explained during his final press conference of the season on January 15. “I wanna be here. The town, the city, the team, coach Carroll, the organization, they all [embraced] me. I was a guy who probably could have been out of the league. They embraced me, and I want to repay ’em for that.”
Will the Seahawks Still Consider Drafting a Quarterback at No. 5?
Prior to Smith’s new deal, the Seahawks maintained that the team will consider taking a quarterback with the No. 5 pick. It will be interesting to see if Seattle changes their tune given their $100 million investment. The Athletic’s Mike Sando reported that rival executives are linking the Seahawks to former Florida standout Anthony Richardson.
“I could see (Seahawks GM) John (Schneider) liking Richardson a lot,” one GM told Sando. “He hasn’t started much and didn’t really carry his team but is a freak talent.”