While the expectation was always that the Raiders were going to release Geno Smith, it looks like the decision became official today according to ESPN’s Adam Schefter who reported the release. The Raiders still owe Smith $18.5 million in salary but hey will avoid another $8 million becoming guaranteed on the 3rd day of the league year. Due to the guarantee the Raiders can not make the move official until March 11th when the new league year begins. The Raiders save $8 million in cap room which gives them the 2nd most in the NFL at $94 million.

The Raiders traded for Smith last year, sending a 3rd round pick to the Seahawks. The Raiders subsequently extended Smith by adding two years, and $75 million to existing contract. This has been a constant mistake by teams around the league and this was no different. The Raiders wound up adding $9 million to Smith’s 2025 salary that they traded for while also guaranteeing the additional $18.5 million for 2026. At the end of the day the Raiders will have paid Smith $58.5 million and given up that draft pick for a 3-14 record while watching the Seahawks win the Super Bowl. Had they left the contract alone it would have only been a $31 million mistake. The Raiders will get a credit for any salary Smith earns from another team, which will reduce the money they paid him by whatever he signs for, which will likely be the minimum of $1.3 million.