Kansas City Chiefs Make Alex Smith Extension Official

The Kansas City Chiefs have made the signing of quarterback Alex Smith official, but did not release the terms of his agreement. The announcement comes with statements from John Dorsey and Andy Reid. Here they are for your consumption.

John Dorsey:

"“It was a priority of ours to get this deal done and keep Alex in a Chiefs uniform long-term. Alex is a proven leader on and off the field. He is a special individual with a lot of ability, and we are fortunate to have him here.”"

Andy Reid:

"“John and his staff along with Tom and his group have worked hard to get this deal done. They’ve done a nice job. Alex is a smart, talented football player that has adapted well to our offensive scheme. He also, obviously, has had a tremendous amount of success as a quarterback in this league. We as a team are very happy to have Alex as our quarterback moving forward.”"

A report from the Kansas City Star’s Terez A. Paylor says the extension is worth four-year, $68 million with $45 million guaranteed. Pro Football Talk says $30 million is guaranteed at signing while another $15 will vest in March assuming there is no major injury to Smith this season. We are still waiting the year-by-year breakdown of his contract.

For now, it looks like Smith is here for at least three seasons, including 2014, which would sort of be like letting him play out his contract this year and franchising him twice only with a lower cap number (potentially).