The Las Vegas Raiders made one of the biggest splash moves of the offseason last week when they traded a third-round pick in exchange for quarterback Geno Smith. New general manager John Spytek also reached an extension with star defensive end Maxx Crosby and re-signed both Malcolm Koonce and Adam Butler, so the team has been fairly active this offseason.
However, the Raiders had to let several key defensive starters walk in free agency because they were simply too expensive. Even though the team was equipped with the second-most cap space in the league, they have to be smart with their money while they are rebuilding.
Also, part of the equation is that the team's money will be tied up, to an extent, into a contract extension for Smith, which has been looming since the team traded for him. After signing a few relatively cheap free agents and getting a handful of expensive veterans off the books, it's important to look at how much cap space Las Vegas has left and what it could mean for Smith's contract.
How much can Raiders afford to pay Geno Smith?
As of Thursday afternoon, the Raiders still had $48.8 million in cap space, according to Spotrac. This number was updated after the five free agent signings that the team made earlier in the week, as well as the extensions, re-signings, and releases of players who were already on the roster.
Smith's cap hit is already $31 million this year, but a quarterback of his caliber costs more than that. It was reported that he turned down an offer between $35 and $40 million from the Seattle Seahawks before requesting a trade, so it should be no surprise if he commands somewhere near $45 million.
This would be a $14 million increase and would leave the Raiders with nearly $35 million in cap space in 2025. That is enough to sign several starting players and fill out the lineup, especially if the team is banking on a few draft selections to be ready right away.
With this contract, Smith would be the most expensive player on the team, but he plays the most lucrative - and important - position in the sport. It may seem like a large sum of cash to pay a player with no playoff wins on his resume, but Smith is the best quarterback that the team has had in over two decades.
Smith would be the 13th highest-paid quarterback on an average yearly basis if he made $45 million, which is appropriate because that is roughly where he stands among his peers. Some would argue that he is a top-10 talent at the position, so fans may have to stomach a contract closer to $50 million per year.
Regardless, an extension is looming for quarterback Geno Smith, and the Raiders have signed up to fork out that cash to him. Thankfully, the team is in a good spot financially and can afford to pay him what he is worth.