Report: Chiefs Have Completed A Trade For QB Alex Smith

Jay Glazer of Fox Sports reports that the Kansas City Chiefs have completed a trade with the 49ers for QB Alex Smith.

49ers have completed a trade with the Chiefs for Alex Smith, tho can’t be official til March 12. Chiefs really made a commitment to Smith

— Jay Glazer (@JayGlazer) February 27, 2013

Glazer adds that the compensation is “unclear” at this point and the Chiefs will have to wait until March 12 to complete the deal. Kansas City has reportedly made a “clear commitment” to Smith being their quarterback.

ESPN’s Adam Schefter reports that the Chiefs will trade their #34 overall pick this year along with a “conditional mid-round pick” in 2014.

Pro Football Talk reports that sources have informed them that the 49ers will receive a conditional third-rounder in 2014 that can become a second-rounder.

Assuming that the reports regarding compensation for Smith are correct, the 49ers would hold the No. 31 and No.34 overall picks in this year’s draft and 15 picks total for the upcoming draft. This includes five selections in the Top 93.

You can bet that there will be plenty of speculation that the 49ers will look to trade for Jets CB Darrelle Revis in the coming weeks.

It’s worth noting that Jason La Canfora reported that this deal was in place last week. La Canfora adds that Smith has been informed of the trade.

The Chiefs have been linked to Smith for a number of weeks now, but the Cardinals and Browns were mentioned as possibly having interest in Smith as well.

Matt Cassel figures to be released in the next few days as he’s set to make a base salary of $7.5 million next season.