The Las Vegas Raiders will release quarterback Geno Smith unless a trade is completed before the new league year begins Wednesday, sources tell ESPN. The move frees up $8 million in salary cap space but creates $18.5 million in dead money.

Smith signed a two-year, $75 million extension after being traded from the Seattle Seahawks in exchange for a 2025 third-round pick. The 35-year-old struggled in his only season with Las Vegas, throwing for 3,025 yards with 19 touchdowns and a league-high 17 interceptions in 15 starts. His 34.1 QBR ranked 27th in the NFL.

Smith's release comes after a disastrous 3-14 season that saw head coach Pete Carroll fired. The Raiders, who had hoped Smith's familiarity with Carroll's system would spark immediate success, instead endured one of the worst seasons in franchise history. Las Vegas now holds the top pick in the 2026 NFL draft and is expected to select Indiana quarterback Fernando Mendoza, though general manager John Spytek prefers not to rush a rookie into action.