Kansas City Chiefs quarterback Alex Smith signed a four-year, $68 million contract extension on Aug. 31 -- a deal which includes $45 million in guranteed money.
The Chiefs issued a press release on Smith's new deal on their official website:
"The Kansas City Chiefs announced on Sunday that the team has inked quarterback Alex Smith to a long-term contract. Terms of the contract will not be disclosed by the club.
"'It was a priority of ours to get this deal done and keep Alex in a Chiefs uniform long-term,' Chiefs General Manager 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.'
"'John and his staff along with Tom and his group have worked hard to get this deal done. They've done a nice job,' Chiefs Head Coach Andy Reid said. 'Alex is a smart, talented football player that has adapted well to our offfensive 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.'
"Smith (6-4, 217) the Chiefs via trade with the 49ers on March 12, 2013. Since 2011, Smith is 30-9-1 as a starter in the National Football League. In his first season with the Chiefs, Smith completed 308 passes for 3,313 yards (60.6%) with 23 touchdowns and only seven interceptions. He led the team to a 9-0 start and an 11-5 regular-season turnaround in franchise history after the club finished 2-14 the year prior. Smith earned his first-career Pro Bowl berth following the 2013 season.
"Entering his 10th season in the National Football League, Smith has played in 95 games (90 starts), completing 1,598 of 2,685 passes (59.5%) for 17,593 yards with 104 touchdowns and 70 interceptions. He also has been effective on the ground, rushing 288 times for 1,192 yards (4.1 avg) with five rushing touchdowns.
"Smith originally entered the NFL as the first overall pick in the 2005 NFL Draft by the San Francisco 49ers. He graduated from the University of Utah."
According to The Kansas City Star's Terez A. Paylor, Smith will earn $17 million annually. The new deal also includes $45 million in guaranteed money:
"The Kansas City Chiefs agree to a four-year contract extension with quarterback Alex Smith, the team announced Sunday.
"The deal is worth $17 million a season, a person with knowledge of the situation told The Star.
"The agreement, which inclues $45 million in guaranteed money, is a significant development for the Chiefs, who no longer will be faced with the possibility of losing Smith -- whom they dealt two second-round picks for a little more than a year ago -- to free agency...
"...Smith, 30, had one year left on a contract that was set to pay him $7.5 million this season. But thanks to the extension, which was negotiated by agent Tom Condon, Smith will receive $30 million up front in 2014.
"The extension will expire after the 2018 season.
"Had the two sides failed to reach an agreement before next offseason, the Chiefs could have retained his services by franchising him next offseason.
"However, star outside linebacker Justin Houston is also on the last year of his contract, and with teams allowed to use the tag on only one player per offseason, the Chiefs might have been forced to choose between Smith and Houston -- a no-win proposition.
"This, however, is no longer a concern. Smith is just the latest quarterback to reach a new deal, as Cincinnati Bengals quarterback Andy Dalton agreed to a six-year extension with $25 million in guarantees, while San Francisco quarterback Colin Kaepernick agreed to a six-year extension with $13 million in guarantees.
"Smith's deal puts him more in line with Detroit's Matthew Stafford, who received nearly $42 million in guarantees in 2013, and Dallas' Tony Romo, who received $55 million in guarantees in 2013."