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There is some optimism, but hardly certainty, that Smith will be able to resume his NFL career, though the priority for now is simply recovering from a spiral leg fracture that became infected after multiple surgeries.
Smith's future is at stake, and so is the future of the Redskins, who would face an immense setback if Smith were unable to return to football.
If Smith were unable to play, the Redskins would have to eat $20.4 million worth of salary-cap space next season and $21.4 million in 2020 -- about 13 percent of the NFL's projected salary cap.
A financial scenario such as this would catapult the Redskins back to where they were in 2012, when the NFL docked the team $36 million worth of salary-cap space for front-loading contracts during the uncapped 2010 season. That penalty essentially amounted to 15 percent of the salary cap back then.
That situation now would be a double whammy for Washington. Not only would the Redskins be losing their quarterback if Smith were unable to return, but the team also would have less money to spend on a new one, putting Washington at a major disadvantage the next two years. The Redskins have only approximately $20 million in salary-cap space this offseason, but they can release several high-priced veterans to create more room.
Smith broke his right leg in the third quarter of Washington's 23-21 home loss to the Houston Texans on Nov. 18. He was quickly transported to a hospital to undergo surgery to repair his tibia and fibula.
Smith's wife posted to Instagram on Sunday morning to show the quarterback is back home with his family.
Smith's backup, Colt McCoy, broke his right fibula in a Dec. 3 loss at Philadelphia. But McCoy might return this season, and if not, should be ready for spring workouts.
Because of their cap situation, the Redskins' best option for finding another quarterback could be the draft. They could receive four compensatory picks this offseason, which would give them a total of nine selections in April. Neither of Washington's current quarterbacks, Josh Johnson and Mark Sanchez, was on the roster before Smith's injury.
Shortly before the Redskins learned of the cap penalty in 2012, they acquired the rights to the second overall pick in the draft. They selected quarterback Robert Griffin III, but it cost them two future first-round picks, and coupled with the cap penalty, it made it difficult for them to improve. Given that history, the Redskins could approach the draft more cautiously if they intend to select another quarterback.