Last March, the Seattle Seahawks signed quarterback Geno Smith to a three-year extension that included a base value of $25 million per season, with $40 million fully guaranteed at signing. Just 17 months later, he reportedly wants a new contract.
During a recent interview with Puck Sports, NFL Media's Mike Garafolo said Smith's camp has tried to talk about a new deal with the Seahawks, but nothing is imminent. As we sit here today, Smith is the No. 20 highest-paid quarterback in the NFL in terms of AAV at $25 million, so he's looking to cash in again.
Seattle's front office actually already answered a question about Smith's contract this offseason, where instead of releasing him to save $14 million, they kept him on roster and guaranteed $12.7 million in 2024. Some believed the Seahawks could be in play for a quarterback in the draft, but they ultimately passed on selecting one. Instead, Seattle traded for Sam Howell, and signed PJ Walker. Is the heir apparent on roster? That remains to be seen.
After a career year in which Smith completed a league-leading 69.8% of his passes for 4,282 yards, 30 touchdowns and 11 interceptions in 2022 while going 9-8 as the starter with a playoff berth, Smith threw for 3,624 yards, 20 touchdowns and nine interceptions in 2023 while going 8-7. He made the Pro Bowl in both seasons.
There are pros and cons to signing the soon-to-be 34-year-old Smith to a contract extension right now, so let's dissect them:
Pros
You lock him in (again)
We understand that the quarterback market is booming, whether that be with top-of-market guys or mid-level starters. That's a trend that will likely continue. What does that exactly mean? It's always best to re-sign your guy ASAP if you want to keep him on roster long-term.
If the Seahawks are sold on Smith as the starter past 2024, and that's a huuuge "if," then Seahawks GM John Schneider should consider a new deal right now. Who knows? Maybe another career year is just around the bend with a healthy Kenneth Walker, the emerging Jaxon Smith-Njigba, new offensive coordinator Ryan Grubb, an improved offensive line and a better defense. Smith said this offseason that he's "still getting better." There's a reality where re-signing Smith right now and giving him a bump in pay is a good idea.
Mike Macdonald can send a message to his locker room
Smith is clearly a leader on this team, and the new youngest head coach in the NFL can send a message to his team by pushing for his quarterback to find more financial security. Making the captain of your offense happy and comfortable is always a good thing. Plus, Smith likely isn't asking for $55 million a year. If the Seahawks really wanted to, they could find a nice middle ground.
Cons
He's 34, it could be a mistake
Smith may say he's getting better, but how many quarterbacks reach another gear after hitting 34 years old? He's been a good quarterback for the Seahawks over the past two years, and can even point to his two straight Pro Bowls. But that's why Seattle gave him a three-year extension just last offseason. Why do the Seahawks have to give him yet another raise after missing the playoffs last year?
What's this team even going to look like in 2024 with a new head coach and a new offensive coordinator? It would be unfair to ask the new leaders of this franchise to be completely sold on their veteran quarterback and support his pursuit of a pay raise without seeing him play in a single game.
Given all of the changes, let's meet at the negotiating table next year.
Seattle is not in the best spot financially
Let's say the Seahawks choose to not extend Smith and cut him next offseason if the franchise wants to go in a different direction in 2025. They would save money twofold. That's something worth bringing up when it comes to the Seahawks, because they are $25.6 million over the cap in 2025, per OverTheCap.com. Depending on how this season goes, they could have the opportunity to select a quarterback in the first round next year. If we are predicting 2025 draft order off of Super Bowl odds from sportsbooks, Seattle would be picking around No. 11 overall.
What could happen
There are ways to improve contracts that don't include completely replacing them. Garafolo actually brought up the main one by mentioning an "incentive package" -- or creating an avenue for the player to make more money this year. Then, they can negotiate again next offseason. That possibility feels more likely than Smith securing a new multi-year contract that doubles his current AAV.