Details are starting to leak on the Alex Smith contact extension he signed today. According to Pro Football Talk, Smith is guaranteed $30 million at signing with $15 million in injury-only guarantee which vests in March.
Per a league source, Smith gets $30 million guaranteed at signing. Another $15 million in injury-only guarantee vests in March 2015.
Coupled with his 2014 base salary of $7.5 million, Smith gets $75.5 million over five years, an average of $15.1 million.
If Smith’s annual number is $15.1 million then John Dorsey has done an excellent job negotiating the contract. Said number would rank him below Jay Cutler, Colin Kaepernick, Tony Romo, Andy Dalton, and Philip Rivers when it comes to annual value. All of this assumes PFT’s numbers are correct, of course.
We still don’t know how the contract breaks down year-by-year or if any of the bonus money will be loaded into this season. One would think they Chiefs would have tried to do that in order is maintain cap flexibility in the future.
As always, when more information comes out we will post about it. For now things are looking like they are going in a better direction than the feared $100 million deal that was floating around for most of the summer.