NFL Rumors: Geno Smith, Seahawks Restructure Contract; Saves $4.8M in Cap Space

The Seattle Seahawks have restructured quarterback Geno Smith's contract, per ESPN's Field Yates.

Seattle created $4.8 million in 2024 salary cap space by converting his $9.6 million roster bonus into a signing bonus.

Smith, 33, has played four seasons in Seattle and the last two as the team's starting quarterback. He signed a three-year, $75 million contract ($40 million guaranteed) with Seattle last March.

Smith began his Seahawks career as Russell Wilson's backup for two seasons before Seattle traded the nine-time Pro Bowler to the Denver Broncos. That led to Smith getting an opportunity to become the Seahawks' starting quarterback in 2022.

After beating out Drew Lock in training camp, that's exactly what happened, and Smith engineered a tremendous season capped by the NFL's Comeback Player of the Year award. He led the NFL with a 69.8 percent completion rate en route to 30 touchdown passes, a Pro Bowl appearance and a top-10 finish in the NFL MVP race.

Smith's 2023 campaign wasn't as good, but he still fared well with 22 touchdown passes in 15 games. He also led the NFL with four fourth-quarter comebacks and five game-winning drives, per Pro Football Reference.

Ultimately, Smith still has a firm and well-deserved hold on the QB1 spot in Seattle as the team enters a new era under first-year head coach Mike Macdonald.