The Kansas City Chiefs have locked up their quarterback.
According to a report from Terez A. Paylor of the Kansas City Star, the Chiefs have signed Alex Smith to a four-year, $68 million contract with $45 million in guaranteed money. Twitter proof:
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 Chiefs have been working on a deal since the end of last season and it was thought the negotiations were not going well. It had gone so far as to Smith saying he had an idea in mind of when he would stop negotiations. So much for that idea. And so much for the idea Smith would land a $100 million deal.
This signing also opens up the franchise tag for John Dorsey to use on Justin Houston if a deal cannot be reached before March. Houston is thought to be done negotiating until the end of the season.
We’ll have more on this news as it comes in. For now, what do you think? Seems like a lot less money than what people had feared. It will be interesting to see how all of the guaranteed money breaks down and how much of the $45 million is actually guaranteed. Remember, structure means everything.