The Seattle Seahawks informed quarterback Geno Smith on Thursday they will retain him through this week, according to ESPN, effectively guaranteeing the $12.7 million salary he’s owed in 2024. Smith’s deal would’ve automatically triggered a full guarantee of the salary on Friday, whereas Seattle could have released him to save close to $14M, per Over the Cap.

On the surface, this suggests Smith will be back with the Seahawks in 2024 for a third straight season as the starter. But the salary guarantee is just the first domino in a pivotal offseason for the former Comeback Player of the Year.

After signing a three-year, $75M extension last offseason, Smith is set to count a total of $31.2M against the salary cap in 2024. While $12.7M (or 40%) of that charge will now be guaranteed, another $9.6M roster bonus won’t be guaranteed unless/until Smith is on the Seahawks’ roster on March 17, the fifth day of the 2024 league year. In other words, Seattle has another month to assess its QB plans — and/or field prospective trade offers for Smith — before committing more than $20M to the veteran for 2024.

As ESPN’s Adam Schefter noted Thursday, the Seahawks guaranteeing Smith’s base salary doesn’t just “represent a value to them” but “any other team that decides to reach out to see if it can acquire Smith.” The QB is currently set to own the 12th-highest cap hit among players at his position in 2024, though his average per-year payout of $25M ranks only 18th.

Smith was solid, if more uneven, in 2023 following a breakout 2022 campaign that saw him throw a career-high 4,282 yards and 30 touchdowns after replacing longtime starter Russell Wilson. This year, Smith managed just 20 TDs compared to nine interceptions, failing to lead Seattle back to the playoffs, but remained a locker-room favorite. Even if he remains as the presumptive starter, the Seahawks could look to add a potential successor via the draft under new head coach Mike Macdonald.