Redskins: The case for cutting Alex Smith despite lofty dead cap number

Many have assumed that the Redskins won’t want to cut Alex Smith because of his lofty dead cap number. But it could make sense to part with him if he’s not going to play again.

The Redskins have just over $62 million available in 2020 cap space, a number that could continue to grow once negotiations with high priced veterans Trent Williams and Ryan Kerrigan are settled.

In the meantime, that type of cash gets speculation churning among fans. The roster needs help everywhere. So it’s only natural to start making a wish list of players to fill those holes. That’s what you do right? You have money, you spend it?

But what if the spending went towards opening the door to huge cap savings in 2021? This type of thinking relies on a vision for the future and it involves cutting Alex Smith.

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The Smith contract can get complicated. But here are the basics:

Smith has a cap hit of $21.4 million in 2020
If they cut Smith in 2020, they will absorb $32.2 million in dead cap for 2020 (I’ll get to this number below, don’t let it scare you)
Smith has a cap hit of $24.4 million in 2021
If they cut Smith in 2021, they will absorb $10.8 million in dead cap for 2021
If Smith fails his physical in 2020, his salary is fully guaranteed for injury, but the Redskins can recoup approximately $12 million in future cap credits from an insurance policy
If Smith passes his physical and he’s cleared to play in 2020, his 2020 cap number is $21.4 million

You’re probably confused now so let me explain it like this: Why would the Redskins cut him in 2020 and take the $32.2 million dead money against the cap when they can simply wait until 2021, when they can cut him and he only counts $10.8 million in dead cap?

Here’s your answer. Alex Smith is not playing football again. I know, you’ve heard reports he’s throwing the football. You’ve even seen the video of him pushing the sleds. You’ve listened to Smith’s interviews talking about his intention to comeback.

Here’s what’s really happening. Alex Smith is choosing not to retire due to the injury because it would indeed jeopardize some of his salary. Smith has to show that he’s rehabbing and doing his physical therapy with the intention of returning to the field.

Can we blame him for chasing the money? Of course not. And I’m sure there’s part of him that would love to return to the field, but he’s a smart man. His injury was horrific. He nearly lost his leg and was in danger of losing his life. He’s not playing football again, it’s common sense.

So if we work on the assumption that Alex isn’t playing football in 2020 or beyond, let’s clarify the salary cap ramifications.

Alex Smith is essentially $21.4 million of dead money in 2020. I’m calling it dead money because he’s not playing. So if they cut him now, it’s like an additional $10.8 million of dead cap money and then the Redskins are free and clear of his salary from 2021 and beyond.

Skeptics will get hung up on the $32.2 million. But make no mistake, it’s truly only $32.2 million in dead money if Smith was going to play. If Smith isn’t going to play, his $21.4 million is already dead.

And it wouldn’t be giving up on the 2020 season and it certainly wouldn’t handcuff the team.

With over $62 million in cap space, the Redskins could absorb the additional cap hit of $10.8 million this year by cutting Smith and they’d still be able to extend a guy like Scherff and sign free agents to field a competitive team.

What would you prefer? The additional $10.8 in cap savings in 2020 by not cutting Alex? Or have that extra cap money to spend in 2021? It’s really that simple. For a team in rebuild mode, I’d personally want my extra money in 2021 when the team is hopefully much closer to resembling a contender.

Next. Redskins Pre-Combine mock with team trading down. dark

Let’s not lose sight of what they’re chasing. It’s a Super Bowl, not continued mediocrity.

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