The Las Vegas Raiders are reportedly planning to renegotiate Geno Smith’s contract, moving beyond the terms established by the Seattle Seahawks. An extension is considered highly probable, and according to The Athletic’s Tashan Reed, it could be finalized this week. Smith’s camp had engaged in negotiations with the Seahawks, seeking a deal exceeding $40 million annually, but the Seahawks’ offer, similar to Sam Darnold’s three-year, $100.5 million contract, fell short. This disparity led to Seattle trading Smith to Las Vegas, where they will now determine his market value.
Las Vegas Raiders Near Geno Smith Contract Extension
Smith’s performance has exceeded his current contract’s expectations, building upon his 2022 Comeback Player of the Year campaign. Last season, he surpassed his previous year’s passing yards (4,320) and completion percentage (70.4), while maintaining his yards-per-attempt average (7.5). His current contract, a three-year, $75 million deal, places him in a unique position, with no other quarterback within $5 million AAV of his salary. The closest comparisons are Justin Fields (two years, $40 million) and the Darnold/Baker Mayfield range.
The Seahawks’ reluctance to approach $40 million per year for Smith reflects their evaluation of the former Russell Wilson backup. While Smith hasn’t been linked to the $50 million-per-year club, the rising contract tier has generally inflated the quarterback market. Smith finished last season as the NFL’s 18th-highest-paid quarterback, and Darnold’s deal moved him to 19th.
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Smith, who will turn 35, adds another layer of complexity to negotiations. However, Reed reports that the Raiders are likely to authorize an extension of at least three years. Smith joins a Raiders team that struggled with quarterback consistency following Derek Carr’s benching in December 2022. The Josh McDaniels regime’s attempts to replace Carr, including Jimmy Garoppolo’s three-year deal, proved ineffective.
The Raiders had also pursued Matthew Stafford, but Smith’s age and familiarity with Pete Carroll’s system likely make him a more suitable fit. With the Raiders coming off a 4-13 season using Gardner Minshew and Aidan O’Connell, and playing in a highly competitive division, securing a quarterback for multiple seasons was a priority.
Smith’s initial Seahawks contract included only $27.3 million guaranteed at signing, following a $3.5 million salary in 2022. Mayfield received $50 million guaranteed in total ($40 million at signing), and Darnold’s locked-in amount is likely similar. If the Raiders offer Smith a deal around $40 million per year, the guaranteed amount will need to exceed Mayfield’s. Regardless of the final figures, the Raiders are poised to re-enter the franchise quarterback contract market.