The Raiders do not appear to be planning to hold Geno Smith to his Seahawks-constructed contract going into the season. An extension is considered likely, and it could be coming soon.
Smith is expected to agree to a new deal this week, The Athletic’s Tashan Reed reports. Smith negotiated with the Seahawks this offseason, but the sides were far apart on terms. As Smith’s camp pushed for a deal north of $40MM per year, the Seahawks offered him a similar contract to the one they gave Sam Darnold (three years, $100.5MM). The value gap led Seattle to trade Smith to Las Vegas, which will now be tasked with pinpointing the middling quarterback’s price.
Proving more valuable than his current contract suggests, Smith is coming off a season where he eclipsed his 2022 Comeback Player of the Year campaign in passing yards (4,320) and completion percentage (70.4) while matching his yards-per-attempt number (7.5) from that breakout season. He is tied to a deal in QB no-man’s land (three years, $75MM). No quarterback is within $5MM AAV of Smith either way, with Justin Fields (two years, $40MM) and the Darnold/Baker Mayfield range being the closest to the new Raiders starter.
The Seahawks not moving close to $40MM per year for Smith illustrates their view of the ex-Russell Wilson backup. While Smith has not been connected to approaching the $50MM-per-year club, that ballooning contract tier has raised the market as a whole. Smith exited last season as the NFL’s 18th-highest-paid QB; Darnold’s deal bumped him to 19th.
Smith is going into his age-35 season, which offers another complication. The Raiders, however, are likely to authorize an extension that covers at least three years in length, Reed adds. Smith is joining a Las Vegas team that had slogged through two grim years at quarterback following the team’s December 2022 Derek Carr benching, one that led to a release weeks later. Carr had kept the Raiders’ QB1 reins longer than anyone in team history, and the Josh McDaniels regime did not effectively replace him, as Jimmy Garoppolo did not play well despite being given a three-year deal that nearly matched Smith’s Seattle numbers.
The Raiders aggressively pursued Matthew Stafford, though Smith’s age and familiarity with Pete Carroll probably makes him a better fit. Stafford is heading into an age-37 season. With the Raiders finishing 4-13 after Gardner Minshew and Aidan O’Connell operated as the primary passers and playing in a division that sent three teams to the playoffs and one to Super Bowl LIX, identifying a starter who could be in place for a few seasons probably lined up better than trading for a year-to-year QB who would have still drawn a guarantee in the $100MM range.
Smith secured only $27.3MM at signing from the Seahawks, who had paid him just $3.5MM in 2022 and lower rates before that. Mayfield received $50MM guaranteed in total ($40MM at signing), while Darnold’s locked-in number likely rivals that. If the Raiders give Smith a deal in the $40MM-per-year range, the guarantee will need to come in higher than where Mayfield’s settled last year. Regardless of where that number comes in, the Raiders will soon be back in the franchise-QB contract game.