Russell Wilson would likely cost too much money
The other aspect is money. Smith is currently signed through 2025 and his deal pays him $31.2 million next season. While that may be a lot of money to you and me, for a veteran NFL starting quarterback that is extremely cheap. Wilson might still be getting paid by the Broncos for the next two years, but that doesn't mean he won't want another team to pay him a lot of money too. Wilson was reported already offered a chance to take a salary decrease to avoid being benched in Denver and he refused (which is 100 percent his right).
Wilson is in the same kind of situation that Derek Carr was last year when Carr was with the Raiders. Plus, both quarterbacks were replaced late in their seasons by Jarrett Stidham. Weird, right? Carr ended up signing with the New Orleans Saints in free agency for four years and $150 million, $100 million of which is guaranteed. Even though Carr's team gave up on him, another team was happy to sign him to a big contract.
Carr is three years younger than Wilson, but Wilson has also still had the more successful career to the age difference gets balanced out. We have also seen some quarterbacks play pretty well into their late 30s, though most of them, such as Tom Brady, have been more classic drop-back passers whereas Wilson is not. At his best, Wilson was most dangerous because he could use his legs to escape. He is less capable of that now. That does not mean a team isn't going to offer him Derek Carr-like money, though.
The Seahawks definitely should not do that. Why bust up what little they have in cap space in 2024 - around $10 million including what should roll over from unused cap in 2023 - on an aging quarterback who was no better in 2022 than Geno Smith? Smith was good last year - first in the NFL in completion percentage and led the NFC in touchdown passes - and Wilson was not.