INDIANAPOLIS — One of the primary purposes of the NFL scouting combine is for teams to begin assessing the free-agent and trade markets for every position with the new league year beginning March 13.
Maybe that influenced the news contained in a report from Bleacher Report on Thursday afternoon that the Seahawks “have informed Geno Smith he will be on the roster in 2024 under his current contract.’’
The report further stated, “Smith has received commitment from Seattle’s front office.’’
Cutting Smith really wasn’t an option after they guaranteed his base salary of $12.7 million for the 2024 season last month.
The timing of the Bleacher Report news suggests the possibility that the Seahawks and president of football operations John Schneider have assessed the trade market here in Indianapolis and gotten a sense that there’s nothing realistic that could happen.
Guaranteeing his base salary and restructuring his contract last week seem like signs the team was planning on keeping Smith. A Schneider comment Tuesday that Smith was the team’s starter “until he’s not’’ could have been interpreted as not completely shutting off any trade talks.
But assuming Thursday’s report is true — and it could not be independently confirmed immediately — the Seahawks have closed the door and Smith will be the QB heading into the 2024 season.
While the Seahawks might have been assessing the trade market for Smith as the week began, many observers wondered what that market would be.
This is considered to be a deep class of quarterbacks, with the top three picks projected to be QBs — USC’s Caleb Williams, North Carolina’s Drake Maye and LSU’s Jayden Daniels — and another three who could go in the later first round or early- to mid-second round.
On Tuesday, Denver coach Sean Payton seemed to all but say the Broncos will release Russell Wilson in the next week or two, which will make him available for any team that wants him likely for nothing more than a contract for the veteran minimum of $1.21 million.
If the Seahawks were dangling Smith, there might not have been a lot of teams with the need, or willing to give the Seahawks what they’d want, considering they would have to take on a $27 million dead cap hit if he were traded before June 1.
After last week’s restructure, Smith has a $26.4 million salary-cap hit for the 2024 season, the majority of which is made up of his base salary and another $13.5 million in bonus money.
That is the 14th highest cap hit among QBs in 2024, according to Spotrac.com, just ahead of Miami’s Tua Tagovailoa at $23.171 million.
His cap hit decreased by $4.8 million with last week’s restructure, in which a $9.6 million roster bonus he was due if he remained on the roster through March 18 was converted into a signing bonus, meaning he got it immediately but the cap hit can be spread out over two years.
That increases Smith’s cap hit to $38.5 million for the 2025 season, 12th among all QBs, according to Spotrac.com.
That number might be a lot for the Seahawks. Since it is the final year of the deal there can be no restructuring to move salary back.
Smith made $27.5 million last season on the first year of a three-year contract signed last March, but with a cap hit of just $10.1 million with the contract structured so that the cap numbers were backloaded.
That had led to speculation that Smith might have to redo his deal to stay in Seattle.
The restructure to lower his cap hit as well as NFL teams finding out last week that the salary cap for 2024 will be $255.4 million — about $13 million more than many anticipated, though Schneider has said only about $6 million more than they had been projecting — will make it easier for teams to keep some of their players on their current deals.
Still in question is how else the Seahawks fill out their quarterback spot.
Drew Lock, the backup the past two seasons, can again be a free agent.
Schneider said Tuesday that the team wants him back and that he planned to meet with his agent here.
Lock re-signed with the Seahawks last year to a one-year deal worth $4 million.
He did so in part to stay in the same offensive system, something he has rarely been able to do in his career, and said at the time he was content to return knowing he would back up Smith.
After this season, Lock said playing time would be a significant part of his decision.
Since he made that statement the Seahawks have changed coaching staffs and Lock would have to learn a new system under coordinator Ryan Grubb.
They could also look to draft a QB, and Schneider strongly hinted at that possibility Tuesday when he noted that the Seahawks have taken just two in his 14 years as GM and said it’s “not something we’re necessarily proud of.’’
Intriguingly, since Schneider made that comment, the NFL Network reported that the Seahawks are among the teams to have met with Daniels, the 2023 Heisman Trophy winner who many speculate could go in the top three.
Another NFL Network report also intimated that they are among the teams who plan to meet here with Maye, also is projected to go in the top three.
The Seahawks pick at 16 and Williams, Daniels and Maye wouldn’t seem legit options barring a significant trade up.
During his weekly appearance on Seattle Sports 710 Thursday afternoon, Schneider was asked why the Seahawks might hold a meeting with players projected to go higher than they have a pick.
“We have to be ready for anything,’’ he said. “We don’t know if a certain trade will go down or something happens. You guys have seen players fall in the past and you’ve seen teams be able to jump up and have successful trades moving up into the top 10 to grab guys. So you just have to be prepared for everything and not just rule players out like, ‘Hey, we are never going to be able to draft that guy.’
“Now there’s a couple players in here where you’re, ‘OK, we’re probably not going to have a shot at that guy.’ But, we do study them, we do talk to them and get to know them as much as we possibly can without going over the top with it. But you have to know every player as much as you possibly can and not take any shortcuts.’’
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