Golic adds that the deal will make Smith the second-highest paid safety in the league at the age of 32.
Ian Rapoport mentions that the contract will see Smith receiving $22.5 million over the next eight months, which is the highest in NFL history for safety. It will also include $15.3 million in new money and $26.38 million in guaranteed money.
There were reports in July that talks between the two sides had increased and that a deal was likely to be done prior to the season.
Smith has played his entire career with the Vikings after being drafted by them in the first round out of Notre Dame back in 2012.
Smith, 32, was entering the final year of a six-year, $56.53 million contract that included $28.578 million guaranteed and a $10 million signing bonus and was scheduled to make a $9.85 million base salary in 2021 prior to the extension.
In 2020, Smith appeared in all 16 games for the Vikings and recorded 89 total tackles, 0.5 sacks, five interceptions, and 10 pass defenses. ProFootballFocus rated him as the No. 14 overall safety out of 94 qualifying players.
We had him included in our Top 50 – 2022 Free Agents list.