Geno signing multi year deal

[SantaClaraHawk]

Seahawks can escape Geno Smith contract after one year, $28 million

It was broadcast to the world as a three-year, $105 million contract.

profootballtalk.nbcsports.com

 

[hoxrox]

And from last year incentives applied to this year ...........

The more details that come out, the better the deal becomes. Basically, he is only awarded the extra 10 million in "incentives" as a roster bonus if he has a better performance than he did last season? And it is in the form of a roster bonus for the following year, and not even guaranteed? This was a super team-friendly deal.

 

[haroldseattle]

Someone posted this at another site, a breakdown of Geno's contract.



Don't know if accurate but I think it is.

 

[ElvisInBlue]

Someone posted this at another site, a breakdown of Geno's contract.

View attachment 58103

Don't know if accurate but I think it is.

No capologist, but I think an exit prior to year two wouldn’t generate that much dead cap because of the roster bonus angle.

 

[haroldseattle]

No capologist, but I think an exit prior to year two wouldn’t generate that much dead cap because of the roster bonus angle.

I'm no capologist either but from Fieldgull:

The cap hits for the new Geno Smith contract

Fans have been waiting all week to learn how much Geno Smith will cost the Seahawks.

www.fieldgulls.com

Of note, the Seahawks are able to walk away from the contract after just a single season, however, doing so would result in $17.4M in dead money in 2024. To head off the question before it is asked, it is not possible to reduce that dead cap hit through the use of a post-June 1 designation. The reason for that is that a post-June 1 designation may only be made after the start of the new league year in March, and by that time Smith’s 2024 base salary of $12.7M would have vested from guaranteed for injury only to fully guaranteed simply by virtue of being on the roster the Friday after the Super Bowl.

 

[flv2]

A dead money cap hit for Smith in 2024 is not something to be feared. Both parties have agreed on a $27M+ payment for 2023. The Seahawks are accounting for about $10M of it in 2023. If things don't work out and Smith leaves in February 2024 the remaining unaccounted payment will be accounted for in 2024. It had to be accounted for at some point anyway. It's not extra money the Seahawks will be paying.

 

[morgulon1]

I’m perfectly fine with Geno being our QB1 for the next few years…

IF…

Our running back room doesn’t continue to turn into a M*A*S*H unit.

We nail this draft like we did last year. In this case it would be beefing up our trenches.

If Geno doesn’t have to be one dimensional like he had to be the last month of the season due to injuries at the RB position and a bottom ranked D, he could take us deep into the playoffs, absolutely.

If our D can rank middle of the pack and our RBs can stay healthy, I don’t see any reason why Geno can’t be a top 10 if not 5 QB.

A superb owl QB

 

[BASF]

Geno's improvement will be incumbent on several factors:

1) Waldron continuing to be creative with the plays and play calling, especially in the red zone.

Finally someone who actually gets it. If you are ever in Tijuana or San Diego, you have earned yourself a lunch from me.

 

[SantaClaraHawk]

 

[Lagartixa]

No capologist, but I think an exit prior to year two wouldn’t generate that much dead cap because of the roster bonus angle.

It would. The Seahawks are paying Smith $27.3M this year: $26.1M of signing bonus plus $1.2M of fully-guaranteed salary. They are spreading the $26.1M of signing bonus across the three years of the contract. If they cut Smith before the end of the contract, whatever part of the signing bonus hasn't yet been on their cap gets accelerated onto that season's cap as "dead money."

This deal is simply fantastic for the Seahawks. This season, Smith accounts for less than 5% of the Seahawks' cap space. If he plays well enough for the Seahawks to keep him beyond 2023, his cap hits in year two and year three of the contract jump up to 12.2% and then 12% of the team's cap space, well below what top QBs are getting now, and safely below the highest percentage cap hit a Super Bowl-winning QB had ever had (I thought I remembered it being something like 13.4%, but I just saw numbers and it looks like it was Brady's 12.61% in 2020) before Mahomes wrecked that with his 17.2% of the Chiefs' cap in 2022.

I'm no capologist either but from Fieldgull:

The cap hits for the new Geno Smith contract

Fans have been waiting all week to learn how much Geno Smith will cost the Seahawks.

www.fieldgulls.com

Of note, the Seahawks are able to walk away from the contract after just a single season, however, doing so would result in $17.4M in dead money in 2024. To head off the question before it is asked, it is not possible to reduce that dead cap hit through the use of a post-June 1 designation. The reason for that is that a post-June 1 designation may only be made after the start of the new league year in March, and by that time Smith’s 2024 base salary of $12.7M would have vested from guaranteed for injury only to fully guaranteed simply by virtue of being on the roster the Friday after the Super Bowl.

Post-June-1 moves don't reduce the overall dead-money cap hit. They just allow it to be spread over two years. The team still has to account on its salary cap at some point for the money paid to the player. And as @haroldseattle pointed out, a post-June-1 move on Smith next year wouldn't have even that effect for the Seahawks due to the details of Smith's contract.

 

[bigskydoc]

Smith almost certainly isn't seeing year three of the contract as written.

If he plays well, and earns most, or all of his escalators, they will sign an extension between years two and three. If he doesn't, he likely gets cut before year three. The window for finishing out the contract, and hitting free agency after year 3, is very narrow.

 

[SoulfishHawk]

A superb owl QB

He's never even won a playoff game. One thing at a time