According to a report by Field Yates at ESPN, the Seattle Seahawks have restructured the contract of starting quarterback Geno Smith. The move saves the team $4.8 million in salary cap space for the 2024 NFL season.
General manager John Schneider got the job done by converting the $9.6 million roster bonus that was due on March 17 into a signing bonus.
The Seahawks have restructured the contract of QB Geno Smith, converting his $9.6M roster bonus into a signing bonus and creating $4.8M in 2024 cap space, per source.
— Field Yates (@FieldYates) February 22, 2024
It’s an interesting move by the Seahawks, the kind that can often be a prelude to a larger transaction. Maybe this is a maneuver the team needed to make in order to fit a new contract for defensive lineman Leonard Williams, who will become a free agent in three weeks.
The real question here is how it impacts Geno Smith and whether the move makes him more tradeable or if it confirms that he won’t be going anywhere, at least this year.
The answer remains to be seen. For now, the move does one thing – the Seahawks are now pretty-much cap compliant. According to Jason Fitzgerald at Over the Cap, the restructure gets them about even with the cap limit, which needed to happen by March 13.
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