The QB market is hungry
And there are a lot of QBs that are younger and have either more potential, a longer resume, or are solid bridge QBs. You have maybe 10 teams who need a starting QB, and that includes Seattle.
There are three, maybe four, top QB prospects in the draft. Even if a few teams spend a first-round pick for them not to start, you will have the following free agents:
Mayfield
Heinicke
Carr
Tannehill
Winston (probably gets cut)
Lock
Brissett
Brady (assuming he doesn't retire)
Jimmy G
Daniel Jones
Mike White
Lamar Jackson
Tyler Huntley
Jarrett Stidham
Gardner Minshew
Cooper Rush
And I would say that almost all of these QBs except for maybe White and Huntley would be more intriguing and solid options than Geno. Nothing against Geno, but the metrics outside of his bulk stats don't favor him at all, and Pete's recent comments that the offense is very "QB friendly" indicates that Seattle is lukewarm on spending a ton of money on Geno.
I think they re-sign Lock as quickly as they can and then let Geno kind of hang out there and bring some offers back.