Raiders' Updated NFL Salary Cap After Geno Smith's Reported $85.5M Contract Extension

The Las Vegas Raiders signed Geno Smith to a two-year extension worth up to $85.5 million on Thursday, per NFL Network's Ian Rapoport, that includes $66.5 million in guaranteed money.

As Vic Tafur and Tashan Reed of The Athletic noted, Smith "was paid a roster bonus worth $16 million on March 16 that ballooned his 2025 cap hit to $31 million. Extending Smith should lower that number."

While it is currently unclear how that number has been affected by Thursday's news, the Raiders came into the day with $48.8 million in cap space, per Over the Cap.

The Raiders are essentially tying Smith to head coach Pete Carroll, who is also under contract for three seasons.

An extension always seemed likely after the Raiders traded a 2025 third-round pick to the Seattle Seahawks for Smith. Otherwise, he would have played the upcoming season on the final year of his contract, and the Raiders may have found themselves in the quarterback market yet again next offseason.

The 34-year-old Smith, a two-time Pro Bowler, didn't have his best season in 2024, throwing for 4,320 yards, 21 touchdowns and 15 interceptions while completing 70.4 percent of his passes and leading Seattle to a 10-7 record. But he's a massive upgrade over the team's options from a year ago, Aidan O'Connell, Gardner Minshew II and Desmond Ridder.

His addition also means the Raiders can focus on selecting the best available player at No. 6 in this year's draft rather than reaching for a quarterback. On a roster with plenty of holes, that's a good place to be.

At some point, adding a long-term option at quarterback will become a need. Having Smith under contract for three more seasons means the Raiders can look to groom a player, however, and don't have to reach for them at the draft.

Time will tell how the Smith and Carroll era of Raiders' football plays out. But for a franchise that has had just one winning season since 2017, there's really nowhere to go but up.