According to a report by Terez A. Paylor of The Kansas City Star, Alex Smith and the Kansas City Chiefs have agreed to terms on a four-year, $68 million contract with a whopping $45 million in guaranteed money.
The #Chiefs and Alex Smith have agreed to a four-year, $68M contract extension with $45M in guarantees, a league source tells me.
— Terez A. Paylor (@TerezPaylor) August 31, 2014
The average of $17 million per season makes Smith the 10th-highest paid quarterback in the NFL. In terms of guaranteed money, Smith’s deal is the seventh-highest among quarterbacks. This could all change depending on the specifics of the contract and whether Smith’s money becomes guaranteed at some point in the offseason each year.
Update: Reports indicate that Smith received $30 million guaranteed at signing. The other $15 million becomes guaranteed if he’s on the roster next March. This pretty much means that the veteran will earn $45 million guaranteed throughout the course of the deal.
In any event, this is a deal that both sides have been working extremely hard on. The former No. 1 overall pick of the San Francisco 49ers struggled a great deal in his first five seasons in the NFL. But his performance since the start of the 2011 season has made for one of the most dramatic turnarounds in recent league history. Over the course of those three years, Smith has thrown 53 touchdowns compared to 17 interceptions while compiling a 30-9-1 record as a starter.
Some may conclude that Kansas City overpaid for a game manager, but Smith’s history speaks for itself. At the end of the day, the goal is to win games. With the help of a strong running game and good defense, this is exactly what Smith has done over the past three years.
Update: Chiefs make the deal official, but have not released the terms of the contract.
— Kansas City Chiefs (@KCChiefs) August 31, 2014
Photo: USA Today