Source: The Seahawks adjust Geno Smith’s contract to free up cap space.

According to a source cited by ESPN’s Field Yates on Thursday, the Seattle Seahawks have opted to rework the contract of quarterback Geno Smith, converting his $9.6 million roster bonus into a signing bonus. This move has allowed the team to generate $4.8 million in salary cap space for the 2024 season.

Under this restructuring, the $9.6 million will be evenly spread out over the next two seasons. Consequently, Smith’s cap hit for the current season will decrease from $31.2 million to $26.4 million. However, his cap hit for the 2025 season will rise to $38.5 million.

Initially, Smith’s roster bonus was set to be due on March 18. However, with the contract adjustment, he will receive the funds now in the form of a restructured signing bonus. Earlier this month, the Seahawks allowed a deadline to pass, which would have guaranteed Smith’s $12.7 million base salary for the 2024 season. Initially, this amount was only guaranteed for injury when Smith signed his three-year, $75 million deal in March last year.

Smith’s performance in the 2022 season earned him a Pro Bowl selection and the NFL Comeback Player of the Year award, marking his first season as the Seahawks’ full-time starter after serving primarily as a backup for the past seven seasons. Notably, he set an NFL record by throwing seven go-ahead touchdown passes in the fourth quarter and overtime in 2023 and also boasted the league’s best Total QBR over the final six weeks. However, his statistics saw a decline across the board in the subsequent season, including ten fewer touchdown passes.

Despite uncertainties surrounding Smith’s future with the Seahawks, particularly after a season marked by fluctuations in performance and recent organizational changes, such as Mike Macdonald replacing Pete Carroll as head coach and general manager John Schneider assuming final authority over personnel decisions, Smith remains a notable figure in Seattle’s quarterback landscape.