CBS Sports NFL Insider Jason La Canfora reports that the deal will break down like this:
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 $2M roster bonuses in 17 and 18. His $19M for 14 fully guaranteed and if on roster 3rd day '15 league yr, $26M in 15-16 fully guar— Jason La Canfora (@JasonLaCanfora) September 2, 2014
"It was a priority of ours to get this deal done and keep Alex in a Chiefs uniform long-term," Chiefs GM John Dorsey said. "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."
Smith was entering the final year of his contract and set to make $7.5 million in the final year of his deal. Substantial hand-wringing and heated debate's taken place over whether or not Smith is worthy of "franchise quarterback money."
"John and his staff along with Tom and his group have worked hard to get this deal done. They've done a nice job,” Andy Reid said. "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."
This deal will certainly put Smith in that zone: $17 million a year would make him the 10th-highest paid quarterback on an average basis (via OverTheCap.com).
But, like, with Andy Dalton's deal, there's some asterisks that are warranted and caveats that apply. Let's see the guaranteed money involved for Smith and the guaranteed money per year -- Dalton makes a ton of money but his average guarantee per year is more "average" than it is "elite."
Especially when you factor in his current salary; he ultimately now makes $76 million over the next five years, which works out to $15.2 million per season.
Smith is a very good quarterback and underwent a renaissance while playing for the 49ers. Colin Kaepernick ultimately took his gig and necessitated a trade to Kansas City, but he's a quality starter who doesn't make mistakes.