- According to Paylor, Smith’s new contract will pay him $68 million in total and includes $45 million guaranteed.
- Pro Football Talk report that Smith will receive $30 million guaranteed upon signing the contract and vests $15 million next March.
- The total value of his contract comes out $75.5 million over five years or an average of $15.1 million.
- This contract will keep Smith under contract through the 2018 season.
Statements from GM John Dorsey and HC Andy Reid regarding the move:
“It was a priority of ours to get this deal done and keep Alex in a Chiefs uniform long-term,” 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,” 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.”
The two sides had been in contract talks for months now regarding a long-term deal and recent reports actually mentioned that they weren’t all that close to an agreement. Apparently, things changed as the season drew closer.
Smith, 30, was entering the final year of his current deal and was set to make $7.5 million for the 2014 season. He was also in line to be the best available quarterback in next year’s free agent market, but it was doubtful that he would have reached the open market.
In his first season with the Chiefs, Smith led them to playoffs and played great in their first-round matchup against the Colts. Smith also set career highs in passing yards with 3,313, rushing yards (431) and touchdowns (23) while only throwing seven interceptions.