From CBS
Seattle reportedly wants Smith back for 2023, and contract talks are expected to take place after the season. There might be sticker shock during discussions for a new deal. According to NFLPA data, the average salary for starting quarterbacks, excluding those on rookie contracts, is $32,036,681 per year.
Seattle has an interesting dilemma with Smith. Having some concern about regression is warranted since it's unknown whether this season is a true breakout performance for the 32-year-old or an anomaly. Seattle could still be in position to select a quarterback early because Wilson is playing poorly. Denver's 2023 first-round pick, which Seattle owns, would be third overall if the season ended today.
Using a non-exclusive franchise designation or transition tag on Smith shouldn't be dismissed. The non-exclusive quarterback franchise designation should be $32.445 million with a $225 million 2023 salary cap. This represents 14.42% of the salary cap. Seattle would be entitled to two first-round picks from the signing team on an unmatched offer sheet. The transition tag, which would only give the Seahawks a right to match another team's offer sheet, is expected to be $29.53 million with a $225 million salary cap.