Seemingly out of nowhere, but easy to explain from the acquiring team's end, the Las Vegas Raiders acquired quarterback Geno Smith from the Seattle Seahawks for a third-round pick last Friday. The trade of course won't be official in the league's eyes until Wednesday afternoon, but that will be a formality barring something completely unforeseen.
Smith was, for all intents and purposes (including general manager John Schneider's response to a pertinent question from Mike Florio of Pro Football Talk at the NFL Combine) going to be the Seahawks' quarterback in 2025. But contract extension talks apparently went awry, as Smith sought an extension north of $40 million per year and asked for a trade.
According to NFL Network's Tom Pelissero, Smith turned down an offer similar to what Seattle gave Sam Darnold (three years, $110.5 million). A report from Bob Condotta of the Seattle Times said the Seahawks made Smith a two-year contract offer in the $40-$45 million range, and got no counteroffer.
Like it or not, $40 million a year will be the going rate for Smith's looming contract extension with the Raiders. It will come down to the length and structure (guaranteed money) of the deal, when it's done. Sunday, March 16, when he's due a $16 million roster bonus under his current contract, is essentially the deadline to have the extension done and talks can't really (wink, wink) commence until Smith is officially a Raider.
Analyst tries to stir up undue concern about Geno Smith contract extension
In a piece posted Tuesday, Florio passed along what he's hearing regarding Smith's looming contract extension with the Raiders.
"On Wednesday, quarterback Geno Smith will officially become a member of the Raiders. And Smith will arrive in Nevada without a new contract, we’re told."
"Usually, it makes sense for a team that trades for a player who wants a new contract to make the trade contingent on the successful negotiation of a new agreement. It’s not as critical here, since the Raiders gave up only a third-round pick to get Smith."
"Still, it’s something the Raiders will need to address. Will they do it soon? Will they do it in August or early September? Will they wait to see whether Smith continues to perform for the Raiders the way he performed for the Seahawks?"
The Raiders will likely get a contract extension done with Smith soon, like by Sunday since deadlines drive action. It's highly unlikely anything like what Florio finished his thoughts on the topic with will happen.
"Regardless, the lack of a new contract for Smith gives the Raiders both certainty and flexibility. Unless he boycotts the offseason program, the Raiders can take a wait-and-see approach on a one-year, $31 million commitment."
The Raiders not having a contract extension done with Smith the day he officially arrives means precisely nothing. That said, a weeks or months-long delay will easily become cause for stricter speculation or doubt.