Quarterback Geno Smith has agreed to restructure his contract to facilitate a trade from the Las Vegas Raiders to the New York Jets, according to @AdamSchefter. The agreement to rework the deal was reached before the trade was officially finalized between the two organizations.
Per the report, the Raiders will still be responsible for paying the bulk of Smith's contract. This financial arrangement allows the Jets to take on the veteran quarterback's deal at a cost just over the veteran minimum. The move provides the Jets with a veteran presence in the quarterback room while maintaining significant salary cap flexibility.
The restructure was a critical component in ensuring the trade could be completed, as it shifts the majority of the financial burden to Las Vegas while allowing Smith a fresh start in New York. Smith was originally drafted by the Jets in the second round of the 2013 NFL Draft and now returns to the franchise under this new agreement.
This is a developing story. Check back for updates.
Sources & Original Reporting