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The Seattle Seahawks informed quarterback Geno Smith on Thursday they will retain him through this week, according to ESPN, effectively guaranteeing the $12.7 million salary he’s owed in 2024. Smith’s deal would’ve automatically triggered a full guarantee of the salary on Friday, whereas Seattle could have released him to save close to $14M, per Over the Cap.
On the surface, this suggests Smith will be back with the Seahawks in 2024 for a third straight season as the starter. But the salary guarantee is just the first domino in a pivotal offseason for the former Comeback Player of the Year.
After signing a three-year, $75M extension last offseason, Smith is set to count a total of $31.2M against the salary cap in 2024. While $12.7M (or 40%) of that charge will now be guaranteed, another $9.6M roster bonus won’t be guaranteed unless/until Smith is on the Seahawks’ roster on March 17, the fifth day of the 2024 league year. In other words, Seattle has another month to assess its QB plans — and/or field prospective trade offers for Smith — before committing more than $20M to the veteran for 2024.
As ESPN’s Adam Schefter noted Thursday, the Seahawks guaranteeing Smith’s base salary doesn’t just “represent a value to them” but “any other team that decides to reach out to see if it can acquire Smith.” The QB is currently set to own the 12th-highest cap hit among players at his position in 2024, though his average per-year payout of $25M ranks only 18th.
Smith was solid, if more uneven, in 2023 following a breakout 2022 campaign that saw him throw a career-high 4,282 yards and 30 touchdowns after replacing longtime starter Russell Wilson. This year, Smith managed just 20 TDs compared to nine interceptions, failing to lead…
Source link : https://www.cbssports.com/nfl/news/seahawks-guarantee-geno-smith-12-7m-for-2024-per-report-whats-next-for-qb-in-seattle/
Author : Cody Benjamin
Publish date : 2024-02-15 19:24:06
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