Seahawks, Geno Smith agree to 3-year contract
Seahawks, Geno Smith agree to 3-year contract
The contract is worth almost exactly what I said it would be worth a month ago, 3/6/2023
A month ago, I wrote out four projections for potential contracts that made sense for the Seattle Seahawks and Geno Smith. The three-year contract I proposed was worth $107 million. On Monday, it was announced that Geno Smith is signing a deal that is almost exactly that figure.
According to reports, the Seahawks and Geno agreed to a three-year, $105 million contract.
The deal has significant implications for how Seattle plans to proceed moving forward at the quarterback position, not only for the obvious reasons—there’s no way this contract could be shorter than committing to Geno for two years—but also because of the draft. If the Seahawks draft a quarterback with the fifth overall pick, he should make over $6 million in 2023 and over $8 million in 2024.
It’s improbable that Geno’s contract would allow the Seahawks to walk away scot-free after one season although the Derek Carr options contract that I mentioned a month ago as well was structured in that way. I will update this post when more information is available so if you’re reading the e-mail, click the Seaside Joe banner to go to the website.
Updated (kind of) contract terms:
Garafolo says $40 million fully guaranteed at signing with “base value” of 3 years, $75 million. (Does he mean those are the base salaries?) Smith gets $28 million in year one and $30 million in what I assume are total incentives. I’m guessing then that’s $25 million per year in salary and $30 million in incentives=$105 million. This seems to be a lot like the option-base contract I proposed way back that Geno has to earn.
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Keeping score on building of this Seahawks roster...
Geno Smith in 2023 (his 11th season coming up) runs this offense Far better than Russell Wilson did in his second season. Flat out - the dude is a better player at this point of his career VS Russ was back then. I am not saying that the Defense is the same as the season we won the Lombardi, but another strong draft with a Free agent piece or two, we are setting the table for a run at hoisting the trophy after the 2024 season.
Remember, the 2022 draft will have two more seasons (and off-seasons) of development and the 2023 draft will have 2 off-seasons plus their growth from year one to year two.
Side note - Seeming minor Seahawk coaching hires have been Home runs. We brought in a QB coach as well as the Pass-rushing coach are each known league-wide as 'whisperers'. Cool.
Interesting now that the details are out. 3 parts
A) new tweet: So it sounds like the base salary (25 M) of year 1 is fully guaranteed and 15 M of year 2 is fully guaranteed.
B) original tweet: On top of that, the original report was the ability to earn up to 52M in the first calendar year, so 52M - 40M gtd = 12M. I'd assume that would mean 12M in incentives for year 1. And the remaining 18 split across the remaining two years. So something like:
Year 1: 25M (floor)/37M (ceiling)
Year 2: 25M/34M
Year 3: 25M/34M
C) new tweet: What is throwing me off then is the new report that says he will earn 28M in year 1. Anyone else have better luck on how to tie this to everything else? Maybe this last part is timing of payment. So there's no use of signing bonus, just base salaries that are guaranteed. So he'll earn his 25M base+3M (no idea what this is) somehow in year 1 even though he's fully guaranteed to make a minimum of 40M