Geno Restructure?

[SPOHAWK]

Seattle Sports ON Tap? Is reporting that Geno has restructured, his Roster bonus has been converted to signing Bonus adding 4.8 M to the cap! If true great news!

 

[SPOHAWK]

Link: https://www.nbcsports.com/nfl/profo...geno-smiths-contract-to-create-2024-cap-space

 

[SoulfishHawk]

Good stuff

 

[SPOHAWK]

It appears they want GENO and he wants to be a Hawk! Geno seems to be a good teammate too, realizing that we need more pieces!

 

[Spin Doctor]

It appears they want GENO and he wants to be a Hawk! Geno seems to be a good teammate to, realizing that we need more pieces!

Restructuring just means the money is moved around. We’re kicking the can down the road. Geno is still going to get his money either way.

 

[SoulfishHawk]

Yep. Moving money doesn't = taking less money

 

[sutz]

Adding before all the Geno haters chime in.

I like it. The offense was definitely NOT the biggest part of the problem last season. Give that money to Williams.

Seems unlikely they move him after this.

 

[rjdriver]

Restructuring just means the money is moved around. We’re kicking the can down the road. Geno is still going to get his money either way.

True...

But you're also kicking the can down a road that has an increased cap (more than likely) and a road where other QB's are that much more expensive.

Geno is a stopgap to be sure, but he's not horribly expensive.

 

[SPOHAWK]

Next year they trade or cut him...but Geno didn't have to agree could have waited to be traded or cut now...either way his contract is still friendly to others that may want him...but we have another 4.8 this year!

 

[OneLofaTatupu]

I think the organization would look bad if a player takes a team friendly action and then they jettison him to the gulag.

I’m ok with this. And who knows how the draft will play out -

 

[getnasty]

Really all depends how the money is used but this feels like a Pete kind of move. Like let's create some cap space to add one more peice because we feel were close when really we're years away.

Not a fan of it but like I said if they make a great signing with the extra money then I have no problem being wrong.

 

[Pandion Haliaetus]

It’s a double edge sword for both parties, 1) you free up $5m in space if you don’t land the QB you want in this cycle 2.) If you do land your QB this cycle, it kind also makes it easier to trade Geno for more value back since the acquiring team won’t have to pay his SB but in return you take on more dead cap.

 

[James in PA]

Welp, this lessens the chance of him being traded.

 

[AK49Hawk]

After Geno restructures his contract Seahawks would be about $1 million over a cap of $243 million, there's reports that the cap could be closer to $250 million when announced after the combine.
Seahawks might be better off cap wise than most of us think.

 

[CactusJack]

This is a pretty strong indicator that they plan on sticking with Geno this year. While also planning to cut/trade him next year. Because his cap number will jump to $38M in 2025.

 

[Titus Pullo]

This is a tactic that is often used right before a player gets traded.

Frees up cap money and makes it more appealing to the receiving team.

 

[HawkRiderFan]

Just my opinion, I feel like they are ok kicking the can down the road and keeping Geno around for 2 years. I feel like they are going to fill other spots on the roster vs trying to grab one of the QBs early, and I recall reading that next year's QB class is not considered a good one so if not this year we might be waiting till 2026 to draft the next one.

 

[GemCity]

Logical move.

 

[Pandion Haliaetus]

This is a pretty strong indicator that they plan on sticking with Geno this year. While also planning to cut/trade him next year. Because his cap number will jump to $38M in 2025.


View attachment 65187

What does the post June 1st trade numbers look like?

 

[Titus Pullo]

The Seahawks have created some cap room for 2024 according to ESPN’s Field Yates, converting QB Geno Smith’s $9.6 million roster bonus into a signing bonus. The roster bonus was going to be earned on the 5th day of the league year so making the move now allows Seattle to free up $4.8 million of cap room.

Smith’s 2024 cap number dropped from $31.2 million to $26.4 million as part of the restructure. His cap number for 2025 rose from $33.7 million to $38.5 million. If Smith is cut in 2025 his dead money will now be $13.5 million. Smith still has a $12.7 million base salary that can be restructured is more cap room is needed for this year, but there is no real deadline on that conversion.

This restructure puts the Seahawks right around even with the estimated cap for 2024. They have multiple players on the roster whose contracts can be restructured for cap relief and they then have to make decisions on the roster status of Jamal Adams, Will Dissly, and Quandre Diggs. The release of all three would free up around $25 million in cap room. The Seahawks currently rank 22nd in cap space for 2024.