Smith, 35, is coming off a season for the Raiders in which he finished as the most-sacked quarterback in the league. The team originally signed him to a two-year, $75 million deal after his career year with the Seattle Seahawks in 2024.
He finished this past season with 3,025 passing yards, 19 touchdowns, and 17 interceptions.
The Raiders were actively looking for a possible trade spot for Smith, but nothing landed. His 17 interceptions were the most by Smith in a single-season since his rookie year in 2013, when he threw 21 as the QB of the New York Jets.
Now, the team looks ahead to the NFL Draft, where they are expected to take Heisman-winning quarterback Fernando Mendoza with the No. 1 overall pick, who led Indiana to a perfect 16-0 season that was topped off with a National Championship.