On the surface, it looks like the Chiefs got a good deal the Alex Smith contract extension. Jason La Canfora has the details of the Kansas City Chiefs quarterback’s new contract, which includes a restructuring of his 2014 deal.
Alex Smith’s deal includes $18M signbonus and $1M salary for ’14, $11.9M base in ’15, $14.1M base in ’16, $10.2M base in 17 and $14.5M in 18
— Jason La Canfora (@JasonLaCanfora) September 2, 2014
Smith has essentially agreed to a three year contract that begins this season, so he’s likely here for at least 2015 and 2016 unless he suffers a significant injury this season. His base salary for each season goes as follows:
2014 – $1m
2015 – $11.9m
2016 – $14.1m
2017 – $10.2m
2018 – $14.5m
There are $2 million roster bonuses for if Alex Smith is on the roster in 2017 and 2018. In addition to those bonuses, Smith received a $18 million signing bonus that will be distributed over the course of the contract. It is possible the Chiefs may have front loaded that money a little bit since his 2014 cap number is shrinking from $8 million to about $4.6 million under the standard operating procedures of such contracts. If the Chiefs were able to front load the contract a little bit in terms of the signing bonuses then there’s a chance Smith’s cap number never exceeds $17 million. Given the nature of quarterback contracts that’s a great deal.
Essentially the Chiefs have given Smith a three-year, $27 million contract with a $18 million signing bonus. They then have two options years in 2017 and 2018 for if they want to keep him around. And Smith’s most expensive year, 2016, will be the same season the Chiefs are projected to have the most cap space available to them. Not a bad deal for either Smith or the Chiefs.
What do you think, Addicts? Do you like the first details of how Smith’s contract is structured?