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Smith and the Seahawks agreed Thursday to a restructured contract, Field Yates of ESPN reports.

It's a simple restructure, converting Smith's $9.6 million roster bonus into a signing bonus to create $4.8 million in 2024 cap space (while adding $4.8 million to the 2025 sheet). The Seahawks already signaled intent to bring Smith back as their starting QB in 2024 when they kept him on the roster through mid-February once his $12.7 million base salary became guaranteed. His contract runs through 2025 but doesn't have any guarantees in the final year, potentially setting up the Seahawks for a tough decision next March when Smith is scheduled for a $10 million roster bonus on the fifth day of the 2025 league year. The upcoming NFL Draft could provide a hint about how the Seahawks feel about Smith long term.

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