Geno Smith's contract emerges: Will the Seahawks draft a new QB?

Last week, the Seattle Seahawks quarterback, Geno Smith signed a three-year, $75 million contract with a $10.1 million cap for the 2023 season. The full details of the deal have now emerged and there is no guaranteed money after the first year.

The Seahawks hold the number 5 pick in the 2023 NFL Draft, and most believed that they were not drafting a quarterback with the pick after signing Smith to the new deal. But could they draft a project quarterback like Anthony Richardson or Will Levis knowing they can move on from Smith next season?

The contract includes a $26.1 million signing bonus and $1.2 million base salary for the 2023 season, both of which are fully guaranteed at signing. Smith can earn up to $40 million in overall guarantees, and there is no fully guaranteed money beyond the first year of the deal.

If he can produce a strong season, Smith can earn significantly more than $25 million per year base value of his contract, and can make up to $30 million in additional money beyond the base value. The deal also has $9.6 million and $10 million in roster bonuses for the 2024 and 2025 seasons, respectively.

Geno Smith's Contract Year-by-Year Breakdown

2023

Geno Smith's cap number is $10.1 million, which includes the prorated amount of his $26.1 million signing bonus ($8.7 million in all three seasons), his $1.2 million base salary, and a $200,000 workout bonus.

2024

Geno Smith’s base salary is $12.7 million, which is guaranteed for injury at signing, and he has a roster bonus of $9.6 million. The bonus can escalate up to $15 million based on performance escalators from the previous season, making the total bonus worth up to $24.6 million. The contract also includes a $200,000 workout bonus, and Smith’s cap number is $31.2 million.

2025

His base salary is $16.7 million, and he has a roster bonus of $10 million. Like in 2024, the roster bonus can increase up to $15 million based on performance escalators from the previous season, making the total bonus worth up to $25 million. The contract also includes a $200,000 workout bonus, and Smith’s cap number is $33.4 million.

The structure of Smith's contract is team-friendly and allows Seattle to still spend an early pick on a quarterback. Geno Smith is "gambling a little bit...on himself," according to coach Pete Carroll.

If Smith regresses, Seattle can move on from him next year. Geno Smith is betting on his ability, and he believes that with the team and coaches around him, he can be one of the top-10-paid quarterbacks.