Cornerback Jimmy Smith was set to be an unrestricted free agent this offseason. The Baltimore Ravens remedied the situation before Smith ever had a chance to test the free agent market, signing him to a one-year contract extension. And they did so on the cheap, according to ESPN’s Adam Schefter.
Per Schefter, Smith’s one-year, $5 million extension looks far larger than it actually is. Smith’s deal is split up with a $500,000 signing bonus and a fully guaranteed $2 million base salary. The other $2.5 million comes in playing-time incentives, which Schefter says Smith is unlikely to earn. If the incentives don’t get hit, Baltimore is really going to pay Smith only $2.5 million for the 2021 season.
By all accounts, $2.5 million is a bargain for a cornerback. It’s a downright steal considering Smith’s experience and how well he’s played this season. By comparison, punter Sam Koch will be making more than Smith next year, as will a handful of rookies. Even in a reserve role, Smith’s contract looks affordable — Tavon Young is set to earn nearly $6 million in 2021, according to Over The Cap.
Ravens general manager Eric DeCosta has clearly made it a priority over the last two years to re-sign players early. While this might not have the splash of Ronnie Stanley or Marlon Humphrey, Smith knows the system and coaching staff, and is playing great football. This deal should be considered a win.
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