I also believe IF we retain Geno through this Friday, we can still cut him Post June 1 and save even more money. I believe I read that somewhere and/or heard it just recently. Any cap guru's out there who can verify this info? So, if we keep Geno and we draft someone who both MM and Grubbs both like, they can cut Geno if they feel comfortable with a QB (if they draft a QB that is, anything can happen).
Designating a player as a post-June 1 cut doesn't actually save any money. It just allows the remaining money from the contract that has not yet appeared on the team's salary cap (the "dead money," which is usually mostly or all prorated signing bonus) to be split between two seasons instead of it all falling on the upcoming season's cap.
There's something surprising that I learned recently because I still loathe the Broncos and was delighted that Russell Wilson's $37M 2025 salary becomes fully guaranteed if he's on their roster at the end of the fifth day of the new league year, which I believe is St. Patrick's Day (17th of March), because that meant they'd have to include the full $85M of "dead money" from his contract on the 2024 cap, because getting him off the roster by the 17th of March would mean he couldn't be a post-June 1 cut, and cutting him after June 1 would force them to give him $37M more (and account for it on their 2025 salary cap) for not playing for them. But it turns out NFL salary-cap rules allow Wilson to be in a bizarre "Schrödinger's-overpaid-quarterback" state where he's designated as being cut after the beginning of June and simultaneously not on the roster as of the 17th of March.
The relevance of this to the Seahawks and Geno Smith is that the Seahawks don't need to wait until later to designate Smith as a post-June 1 cut. And as others have noted, the amount of money that hits the cap will become larger if he's on the roster by the end of this Friday (16th of February), because at that point, his 2024 salary of $12.7M, of which none ($0) is currently guaranteed at all, becomes fully guaranteed.
Each team is allowed to designate up to two players per season as post-June 1 cuts. It's really clear that Jamal Adams should and will be one of them. There are two more years of prorated signing bonus (at about $10.417M per year) for which the Seahawks need to account on their salary cap. If the Seahawks cut Adams and don't designate him as a post-June 1 cut, the full $20,833,334 falls on the 2024 cap, and the total cap savings in 2024 amounts to just $6.083M. If they
do designate him as a post-June 1 cut, then just half of the not-yet-accounted-for money from the signing bonus falls on the 2024 cap, with the other half hitting the 2025 cap, and the cap savings in 2024 comes to $16.5M.
If the Seahawks indeed want to move on from Smith, which I suspected they might not until I read that Macdonald had said they have some big decisions coming up real soon, I believe they can pull the same magic as the Broncos and have Smith simultaneously off the roster by the 16th of February, but considered as cut after the 1st of June.
I'm basing this on a bunch of articles that came out after Wilson was finally benched, talking about what the Broncos could do about their salary cap, given the ridiculous parameters of Wilson's contract. Those articles might have been wrong, and then my conclusions here would be too. But if they're right, the NFL really ought to change the name of what's currently called the post-June 1 designation.