The Seattle Seahawks have restructured quarterback Geno Smith's contract, converting his $9.6 million roster bonus into a signing bonus and creating $4.8 million in 2024 cap space, a source told ESPN's Field Yates on Thursday. .
The restructure will distribute the $9.6 million evenly over the next two seasons, while his salary cap hit this season will drop from $31.2 million to $26.4 million. However, his 2025 cap hit increases to $38.5 million.
Smith's roster bonus would have initially expired on March 18, but he will receive the money now due to the restructured signing bonus. The Seahawks missed a deadline earlier this month that allowed his $12.7 million base salary for 2024 to become fully guaranteed. That money was guaranteed per injury only at the time Smith signed his three-year, $75 million contract last March.
Smith made the Pro Bowl and won the 2022 NFL Comeback Player of the Year award in his first season as Seattle's full-time starter after spending most of the previous seven seasons as a backup. He threw an NFL-record seven go-ahead touchdown passes in the fourth quarter and overtime in 2023 and posted the league's best total QBR over the past six weeks. But his numbers fell across the board last season, including 10 fewer touchdown passes (he also threw two fewer interceptions).
Smith finished seventh in Total QBR in 2022 and 14th last season, making the Pro Bowl this month as an injury replacement.
Smith's future with the Seahawks appears uncertain after his up-and-down season and the recent shakeup in Seattle's power structure. Mike Macdonald replaced Pete Carroll as coach, while general manager John Schneider had final say on personnel matters, which used to belong to Carroll.
Information from ESPN's Brady Henderson was used in this report.
