Geno Smith, who was traded by the Seahawks to the Raiders on March 7 after contract negotiations between the two sides broke down, finally has his long-awaited new deal.

As first reported by the NFL Network, ESPN and other national outlets, Smith and the Raiders have agreed on a two-year extension that adds on to the 2025 season, keeping him under contract through 2027.

The two new years are said to be worth up to $85.5 million, with $66 million guaranteed, with the entire three years of the contract worth up to $116.5 million, according to The Athletic. Smith is due to make $31 million in 2025 in the final season of a three-year contract he signed with Seattle in 2023.

The base value of the two new years was said to be $75 million with incentives making it worth up to $85.5 million.

As reported by The Athletic, the per-year average of Smith’s deal is $38.83 million. The per-year average of the base of the two new years is $37.5 million.

Both numbers on the surface are in line with what a source said the Seahawks offered Smith — a two-year extension that could have been worth up to $90 million. How much of that was incentives was not clear. Given the nature of the first contract the Seahawks signed Smith to in 2023, there could have been significant incentives. An NFL Network report stated the Seahawks’ offer was more in the $35 million range.

Smith was thought to want more than $40 million in the base value of his contract. If he were to hit all incentives, the average of the two new years with the Raiders would top that mark, at $42.5 million. Details on the incentives were not immediately available.

According to Seahawks general manager John Schneider, the team never got a counteroffer from Smith after giving him the first offer following the NFL combine, which ended March 3.

When the Seahawks felt that the lack of a counteroffer might indicate it would be difficult to get an extension done quickly, they decided to “pivot” — as Schneider put it — and deal Smith to the Raiders and go after Sam Darnold.

The Seahawks signed Darnold to a three-year deal worth up to $100.5 million with $37.5 million fully guaranteed.

At first glance, the Seahawks appear to have saved money in going from Smith to Darnold while gaining a third-round pick in the 2025 draft, and getting younger — Smith turns 35 in October while Darold turns 28 in June.

Because the Raiders and Smith did not have an agreement, the team has yet to hold a news conference introducing Smith, and he has yet to publicly comment on his trade. A news conference will presumably happen soon.

Raiders coach Pete Carroll said at the NFL annual meeting earlier this week that the team was working on a deal with Smith and that he was optimistic it would happen soon.

“We’re working on it,” Carroll said. “Yeah, we’re working on it. [Smith’s] excited to get going, get started. He’ll be here when we get rolling. But we are working on it.”

That work is done as is a journey for Smith that began last offseason to get a new deal.

Smith acknowledged he approached the team last offseason about an extension on a three-year deal he signed in 2023 that was worth up to $105 million if he hit all incentives, but that was worth $75 million in base value, or $25 million a year. That deal included $27.3 million in guaranteed money.

The Seahawks told Smith they would not redo his deal last offseason, holding to a precedent of not extending contracts that have more than a year remaining.

Smith’s request came after he saw the likes of Jacksonville’s Trevor Lawrence and Miami’s Tua Tagovailoa sign big new deals paying them an average of $55 million and $53.1 million, respectively.

Smith acknowledged in August he was aware of those contracts.

“It’s hard not to see it,’’ Smith said. “We all see it. I’m really happy for those guys. Whatever they get, they deserve. You pay attention to it, but you try to stay focused on what you have to stay focused on, which is my job here with Seahawks.” 

That sentiment set the stage for the negotiations with the Seahawks that went nowhere, and the contract Smith has with the Raiders.