Just one year after arriving in a trade (for a 2025 third-round draft pick) meant to stabilize the quarterback position, Geno Smith’s tenure with the Raiders is over. The Las Vegas Raiders have closed the book on the Geno Smith era, a short-lived chapter that will end up costing the team far more than the draft pick they gave up to acquire him.

“ESPN sources: the Raiders are releasing last season’s starting quarterback Geno Smith, barring a trade before the start of the new league year,” ESPN Senior NFL Insider Adam Schefter reported on March 6. “By releasing Smith, the Raiders will open up $8M in salary cap space while taking on $18.5M in dead money.”

The 35-year-old quarterback carried a 10-7 record into the 2024 season with the Seahawks, went 8-7 the year before, led the entire league with five game-winning drives, and earned his second Pro Bowl selection in 2023.

Las Vegas was banking on that version of Geno Smith. Instead, the script flipped completely.

Smith wrapped up the last season with just two wins in 15 starts, 3,025 passing yards, 19 touchdowns, and the unwanted distinction of leading the league in both interceptions (17) and sacks (55). The Raiders’ offense ranked dead last in the league in points scored and total yards with Smith under center.

The decision to release Smith also comes amid growing speculation that the Raiders plan to select Indiana Hoosiers quarterback Fernando Mendoza with the first overall pick in the draft. Mendoza, the 2025 Heisman Trophy winner, guided Indiana to a perfect 16-0 record and a national championship, and is widely considered the top prospect in this year’s class. 

However, at the combine, new head coach Klint Kubiak kept the door open and made sure no one wrote Smith off just yet.

“(We’re) looking at all options right now,” Kubiak told reporters. “Watching Geno play last year, (I’m) obviously pretty familiar with what he had done before; putting all on the table right now, trying to see every possible avenue we can go next year at quarterback, and he’s definitely one of those options.”

But that door has now closed. The Raiders are moving forward, creating room to invest in the weapons and depth they desperately need heading into the offseason.

What Geno Smith’s release means for the Raiders’ cap space

The Raiders currently hold the third-most available salary cap space in the league. The franchise has $86.02 million in available cap space. Releasing Smith adds another $8 million to that number, though the financial picture comes with a significant catch.

“The pending release of QB Geno Smith will leave behind $18.5M of fully guaranteed salary to the #Raiders, freeing up $8M of cap space,” per Spotrac. “The guarantee is subject to offset language, and will be reduced by any amount Smith is able to earn elsewhere in 2026 (likely a $1.3M minimum).”

That dead cap number is steep, but the Raiders are clearly willing to absorb it to clear the decks. Smith was playing out a two-year, $75 million extension with Las Vegas that runs through 2027.