The Seahawks made a decision that many NFL analysts believed was puzzling during the 2022 NFL offseason when they re-signed veteran quarterback Geno Smith to compete with Drew Lock for the team's starting job.
Smith had been with the Seahawks since 2019, but the 32-year-old hadn't been a full-time starting quarterback since his first few NFL seasons with the Jets. He quickly lost his starting job in New York and had been a career backup since.
But Seattle saw something it liked in Smith and invested in him. That investment has paid off.
Smith has been one of the biggest surprises of the NFL season. He has played at a Pro Bowl level and has the Seahawks — who many believed would be a bottom-feeder in 2022 — fighting for a playoff berth in Week 18.
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Indeed, the Seahawks' short-term deal with Smith now looks like a bargain. They have essentially paid pennies on the dollar for his production, but as the season's end draws nearer, Smith is closing in on some key milestones.
And those milestones will make him some extra money on his incentive-based contract.
Below is a breakdown of Smith's current contract along with an explanation of why Seattle making the playoffs will be of the utmost importance to him.
Geno Smith contract breakdown
Smith was a free agent during the 2022 NFL offseason, but he decided to return to the Seahawks on a one-year deal with a base value of $3.5 million. This represented a hefty raise over the $1.2 million he earned during the 2021 season as Smith was expected to compete for the starting job in Seattle.
Of course, because Smith was in competition to be the starter, he had plenty of incentives baked into the deal. As such, he will end up earning more than the base value of his contract despite the fact that the deal contained just $500,000 in guarantees.
Even still, the maximum value of Smith's contract — $6 million — is a bargain among NFL starters.
MORE: Geno Smith explains why seven years as backup helped him find success
Geno Smith contract incentives
Smith's contract contained within it numerous incentives, as is the case with most NFL contracts. These incentives will make up a bulk of Smith's earnings for the 2022 season, per Spotrac.com.
Smith clinched one of his biggest incentives — a $1 million bonus — in Seattle's win over the Jets in Week 17. He threw for just 183 yards in that game, but that put him over 4,000 passing yards for the season, which the Seahawks identified as his top yardage bonus for 2022.
Smith had already earned three-quarters of that total, as the incentive was structured in a way that gave him $250,000 for logging 3,400 passing yards and an additional $500,000 for reaching 3,700. The 4,000 mark was the final leg of that bonus that allowed him to earn the full $1 million.
Elsewhere, Smith earned a $500,000 bonus for making the Pro Bowl and throwing 20-plus touchdown passes. He also will make a full $1.105 million in per-game active roster bonuses and he received a $585,000 Week 1 bonus as part of his contract.
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Smith has just one incentive that hasn't been earned in full. He has played in at least 85 percent of the team's offensive snaps — which is worth a $1 million bonus — but he can double that payout if his team logs 10 wins or makes the playoffs.
At 8-8, Seattle won't be a 10-win team in the regular season, but the Seahawks can potentially make it to the postseason with a victory in Week 18. So, Smith will have a lot on the line in that contest either way.
And to date, Smith has earned $4.19 million in incentives. Some of these bonuses were considered "likely to be earned" and were included in the base value of his $3.5 million contract while others — likely his combined $2.5 million playing-time bonus, Pro Bowl and passing yards incentives — are considered extra.
Either way, Smith has done well for himself, and he will have a chance to add to his already impressive incentive total as the season comes to an end.
MORE: Breaking down the Seahawks' playoff chances entering Week 18
Seahawks playoff chances
So, how likely is it that Smith earns his final incentive? FiveThirtyEight projects that the Seahawks have a 21 percent chance of making the playoffs. They need to beat the Rams and have the Lions either beat or tie with the Packers in Week 18 to make the postseason.
| Team | % chance to make playoffs |
| Packers | 62 |
| Seahawks | 21 |
| Lions | 17 |
So, Smith is facing an uphill battle to earn that extra $1 million, but a win over the Rams would at least give him a chance to earn it.
