In his first season with the Chiefs, Smith led them to playoffs and played great in their first-round matchup against the Colts before an incredible turnaround from Indy.
Smith set career highs in passing yards with 3,313, rushing yards (431) and touchdowns (23) while only throwing seven interceptions.
Smith, 29, is entering the final year of his current deal and will make $7.5 million for the 2014 season. He counts just as much against the Chiefs salary cap, so a long-term deal would reduce that figure.
Cole points to Jay Cutler‘s recent seven-year, $126.7 million that includes $54 million guaranteed as an obvious example of how underpaid Smith is terms of NFL quarterbacks.
Kansas City is expected to have very little cap space to work with, which means a deal with Smith looks to be a possibility.