Raiders Eat $18.5M Dead Money in Bold QB Decision
The Las Vegas Raiders have made a costly but decisive move at quarterback. The team is releasing veteran signal caller Geno Smith ahead of the new league year, a decision that will leave the franchise carrying a massive $18.5 million dead cap hit. While the move opens roughly $8 million in salary cap space, it also signals a clear reset at the most important position on the roster as Las Vegas prepares for the next phase of its rebuild.
- Krishna Sagar
- 4 min read
Sometimes the most telling moves an NFL team makes are the ones that come with a financial cost. For the Las Vegas Raiders, the decision to move on from Geno Smith falls squarely into that category. The organization is preparing to release the veteran quarterback unless a last minute trade emerges before the start of the new league year.
It is a move that forces the team to absorb a significant dead cap charge, but it also reflects the reality of a disappointing season and a franchise eager to change direction.
Smith arrived in Las Vegas with hopes that he could stabilize the offense and help guide the Raiders through a transitional period. The team reunited him with head coach Pete Carroll, who had previously overseen Smith’s career revival with the Seattle Seahawks.
The plan looked promising on paper. In practice, it never truly materialized. Now the Raiders appear ready to turn the page.
1. Raiders Accept the Financial Cost
By releasing Smith, the Raiders will free up roughly $8 million in cap space. However, that flexibility comes with a substantial financial penalty. The team will carry an $18.5 million dead money charge on its salary cap.
The decision also allows Las Vegas to avoid paying an additional $8.5 million in guarantees that would have kicked in later in the league year. From a financial perspective, the timing of the move limits the long term damage even though the immediate hit remains significant.
Smith had signed a two year, $75 million extension after being traded to the Raiders from Seattle. In 2025 alone, he earned $40 million in fully guaranteed salary.
For a team coming off one of the worst seasons in franchise history, the front office ultimately decided the investment was no longer worth continuing.
2. On Field Struggles Defined the Season
Smith’s tenure in Las Vegas was marked by inconsistency and frustration. Across 15 starts during the 2025 season, Smith threw for 3,025 yards with 19 touchdowns and 17 interceptions.
His interception total ranked among the highest in the league and represented the most he had thrown in a season since his rookie year with the New York Jets in 2013.
The problems appeared early. Smith threw nine interceptions in the first five games of the season, placing the offense in difficult situations almost immediately.
By the end of the year, he ranked 27th in quarterback rating metrics and missed two games due to injury. The Raiders finished with a 3 and 14 record, a result that forced the organization to reevaluate nearly every aspect of the roster.
3. Circumstances Did Not Help
Raiders general manager John Spytek acknowledged during the NFL scouting combine that Smith was not solely responsible for the struggles.
The quarterback dealt with a difficult offensive environment throughout the season. Las Vegas allowed 55 sacks, and Smith faced pressure on 194 dropbacks. Pass protection issues consistently disrupted the offense and prevented the passing game from finding rhythm.
In addition, the team parted ways with offensive coordinator Chip Kelly after Week 11, creating further instability. Tight end Brock Bowers also battled a knee injury early in the season, removing one of the offense’s most reliable targets.
Still, even with those challenges, Smith’s turnovers and inconsistent pocket presence made it difficult for the Raiders to stay competitive.
4. The Future Points to a New Quarterback
The Raiders’ disappointing record ultimately delivered them the top pick in the 2026 NFL Draft. The organization is widely expected to use that selection on Fernando Mendoza, the Indiana quarterback and Heisman Trophy winner who has quickly become the consensus top prospect in this year’s class. If that plan materializes, Smith’s departure clears the path for a complete reset at the position.
However, Las Vegas may still prefer to bring in another veteran quarterback to compete with Mendoza and provide experience in the room. Backup Aidan O’Connell remains on the roster, but the team appears determined to reshape the depth chart before the 2026 season begins.
In the end, the Raiders’ decision reflects a franchise willing to absorb short term financial pain in pursuit of a clearer long term direction.
Eating $18.5 million in dead money is rarely an easy choice. Yet for Las Vegas, the alternative would have meant continuing with a quarterback situation that had already proven unsuccessful.