The Vikings made a wise financial choice in making 2023 the final functional year of Smith’s contract by balancing part of the money they were slated to pay him into the next year of his contract, which is now set to void at the end of the season.
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The team-friendly agreement helped relieve some of the strain on the Vikings’ pay cap, but there are some troubling strings attached. It increased Smith’s salary cap hit for 2024 and ensures that they will part ways with him after this season, even if only temporarily, to keep their finances in order.
Smith’s loss will also come at a high cost. Because of the structure of this new deal, the team will eat almost $8 million in dead money cap space that they will not be able to spend next year. This is similar to the scenario they were in with linebacker Anthony Barr in 2021, which resulted in his departure.
While some may perceive this as a folly move, effectively utilizing next year’s money to pay for this year’s luxury, it was the only way for Minnesota to keep their beloved safety on the roster without spending a disproportionate amount of money on him this season. Supporters would undoubtedly prefer that Smith stay through the end of his career, but in the current NFL, teams can only do so much to outmaneuver the market in order to keep their great players.