Source: Seahawks rework QB Smith's contract

The Seattle Seahawks have restructured the contract of quarterback Geno Smith, converting his $9.6 million roster bonus into a signing bonus and creating $4.8 million in 2024 salary cap space, a source told ESPN's Field Yates on Thursday.

The restructure will spread the $9.6 million evenly over the next two seasons, while his cap hit this season will drop from $31.2 million to $26.4 million. His 2025 cap hit escalates to $38.5 million, however.

Smith's roster bonus would have initially been due March 18, but he will get the money now due to the restructured signing bonus. The Seahawks let a deadline pass earlier this month that allowed his $12.7 million base salary for 2024 to become fully guaranteed. That money was guaranteed for injury only at the time Smith signed his three-year, $75 million deal last March.

Smith made the Pro Bowl and won NFL Comeback Player of the Year in 2022 in his first season as Seattle's full-time starter after spending most of the previous seven seasons as a backup. He threw an NFL-record seven go-ahead touchdown passes in the fourth quarter and overtime in 2023 and posted the league's best Total QBR over the final six weeks. But his numbers dipped across the board this past season, including 10 fewer touchdown passes (he also threw two fewer interceptions).

Smith finished seventh in Total QBR in 2022 and 14th this past season, making the Pro Bowl this month as an injury replacement.

Smith's future with the Seahawks has seemed uncertain after his up-and-down season and the recent shakeup in Seattle's power structure. Mike Macdonald replaced Pete Carroll as coach while general manager John Schneider was given final say on personnel matters, which used to belong to Carroll.

Information from ESPN's Brady Henderson was used in this report.