The Las Vegas Raiders pulled off a blockbuster trade this offseason when they acquired quarterback Geno Smith from the Seattle Seahawks in exchange for a third-round pick.
New general manager John Spytek made the deal happen after failing to land Los Angeles Rams quarterback Matthew Stafford during NFL combine week. Smith was reunited with his former coach in Seattle, Pete Carroll, who he enjoyed the most successful years of his career under.
However, Raider Nation began to worry after weeks went by and Smith had not yet signed his contract extension. He also had not been introduced at the team facility yet, but all these fears went by the wayside on Thursday when the two parties finally reached an agreement.
Full details and grade as Raiders sign Geno Smith to massive $85.5 million extension
Geno Smith contract grade: A+
Ian Rapoport from NFL Network was the first to report the news on Thursday as Smith was given a two-year, $85.5 million extension.
ESPN's Adam Schefter also reported that the deal is only worth $75 million, and $85.5 million is the maximum that he can earn. Also, only $65.5 million of that is guaranteed.
Smith is now under contract for three seasons with the Raiders, which means that he is now on the same timeline as head coach Pete Carroll. Both of their contracts will expire in 2027, barring any changes.
At roughly $42.75 million per year, that makes Smith the 15th highest-paid quarterback in the league, according to Over the Cap. This is an absolute steal for a player like Smith, who is considered to be a top 10 or 12 player at the position.
The guaranteed money is relatively low, as it should be for a player Smith's age, and there seem to be incentives built into the contract as well. This is ideal for the Raiders, as now they can still target a young quarterback in the draft this season and not have to worry about financially crippling the franchise with a player that is not playing.
Smith was never going to be the long-term answer under center for Las Vegas, but he can do plenty of damage in three years. Now, the team can take their time finding his eventual replacement and not have to sweat a ridiculous financial commitment.