HENDERSON, Nev. -- The Las Vegas Raiders and new quarterback Geno Smith have agreed to a two-year, $75 million extension, a source told ESPN's Adam Schefter.

The contract has incentives that could push the total to $85.5 million and includes $66.5 million in guaranteed money, the source said.

Smith, 34, is now contractually tied to Las Vegas through the 2027 season. He had one year and $31 million left on the $75 million contract he signed with the Seattle Seahawks in 2023.

The Raiders traded a 2025 third-round pick to the Seahawks to acquire Smith last month.

Adding Smith solved the Raiders' need for a quarterback after the team struggled under Gardner Minshew and Aidan O'Connell in 2024. Most importantly, the arrival of Smith allows them to compete right away under the new regime of coach Pete Carroll and general manager John Spytek.

In 2024, Smith broke Seattle's franchise record for passing yards (4,320) and completion rate (70.4%) while throwing 21 touchdowns and 15 interceptions in 17 starts. He led the Seahawks to a 10-7 record, but they didn't qualify for the playoffs.

He will become the fifth player since the 1970 AFL-NFL merger to set a franchise record for passing yards and then start the following season with a new team, joining Jameis Winston, Jay Cutler, Ken Stabler and Bob Berry.

Over the past three seasons, Smith has been one of the league's most accurate passers, ranking fourth among all quarterbacks in completion percentage and first in off-target percentage, meaning he had the most throws on target, per ESPN Research. Over that same span, Raiders quarterbacks have ranked 25th in completion percentage and 23rd in off-target percentage.

Smith was a two-time Pro Bowl selection under Carroll in Seattle, recording 8,641 passing yards, 55 touchdowns and 21 interceptions in 37 games.

Carroll called Smith an "immediate fix" at the position during the NFL's annual meeting this week. However, he didn't rule out the possibility of drafting a quarterback this month.

Smith is the fourth quarterback in league history to earn multiple Pro Bowl selections under a head coach and then rejoin that coach on a different franchise. After the Seahawks moved on from Smith, they signed former Minnesota Vikings quarterback Sam Darnold to a three-year, $100.5 million deal.