Geno Smith contract details, grade: Did Seahawks just punt on the QB market?

The Seattle Seahawks shocked the NFL world when they announced that Pete Carroll was stepping down as the team's head coach. Replacing him is former Baltimore Ravens defensive coordinator Mike Macdonald, who rose up the ranks as one of the top prospective head coaching candidates in his two years with the team. The Seahawks' offseason will be intriguing, to say the least. While John Schneider is still the general manager, he has a new voice as head coach in Macdonald. Could that open the door for some changes to the roster?

On Thursday, ESPN senior NFL insider Adam Schefter reported that the team told quarterback Geno Smith that he will remain on the roster through Friday, which is when $12.7 million in his contract becomes fully guaranteed. Schefter says the team believed the right decision was to pay Smith the money due to "salaries soaring for starting quarterbacks."

Most importantly, Schefter notes that Smith "will represent a value to them -- or any other team that decides to reach out to see if it can acquire Smith via trade."

Even though the $12.7 million is fully guaranteed, that doesn't guarantee that Smith will remain with the team. So, let's look at the contract the Seahawks signed him to just last year.

Geno Smith contract details, grade: How much Seahawks QB is paid

Smith silenced plenty of critics in 2022 when he took the Seahawks to the playoffs in his first year as the starting quarterback. Smith won Comeback Player of the Year honors as a result. It set the stage for the 2013 second-round pick to cash in as a free agent.

But the Seahawks and Smith agreed to terms on a three-year, $75 million contract, $27.3 million of which was guaranteed at signing.

This past season, Smith didn't put up the numbers like he did in 2022. The veteran signal-caller missed Weeks 13 and 14 due to a groin strain. In 15 games played, Smith threw for 3,624 yards, 20 touchdowns, and nine interceptions while completing 64.7 percent of his passes.

The $12.7 million in salary in 2024 isn't all that's guaranteed on Smith's contract. According to Spotrac, Smith will receive a roster bonus of $9.6 million on March 17, 2024. Smith will receive a roster bonus of $10 million on the fifth league day of 2025.

Smith's contract with the Seahawks also includes an annual roster bonus escalator, where he receives $2 million for exceeding his 2022 statistics in the following categories:

• Passing Yards (4,282)
• Passing Touchdowns (30)
• Completion Percentage (69.8)
• Passer Rating (100.9)
• Wins (9) or Playoff Berth

If Smith exceeds all five of those statistical categories, he will receive an additional $5 million.

This is a good deal for the Seahawks, considering how expensive it is to pay quarterbacks currently. Let's not forget that in the same offseason, the New York Giants gave Daniel Jones a four-year, $160 million contract, earning $40 million per year. Also, the Cincinnati Bengals signed Joe Burrow to a five-year, $275 million contract extension, while the Los Angeles Chargers and Justin Herbert agreed to terms on a five-year, $262.5 million contract.

While Schneider gave Smith this contract, that doesn't mean his spot is entirely locked in. Macdonald does have a say in who he would want as his quarterback. This will be a new coaching staff. Offensive coordinator Shane Waldron is no longer with the team and instead holds the same position with the Chicago Bears. Replacing Waldron is Ryan Grubb, the former offensive coordinator for the Washington Huskies.

It sounds as though the Seahawks will be open to listening to trade offers for Smith if a team were to call. But, they would have to have a plan to ensure there won't be a drop-off at the quarterback position. Whether that's signing a free agent, looking at quarterbacks on the trade block, or selecting a prospect in the NFL Draft.

Either way, the Seahawks do have flexibility. The next month will be telling as to whether Smith will remain the QB1 in Seattle or if they will explore other quarterback options.

Geno Smith contract grade: B