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Justin Smith extension saves $4.27 million in 2013 cap space for the 49ers

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Justin Smith negotiated his own two-year extension (USA Today Sports Images)

San Francisco 49ers Pro Bowl defensive lineman Justin Smith negotiated his own-year extension this week, a deal that lowers his cap number by nearly $4.3 million, a source with knowledge of the extension confirmed to "Shutdown Corner".

Smith had been entering the final year of his previous contract and was scheduled to earn $7.5 million in base salary along with a $500,000 workout bonus for a cap number of $8 million. Under the renegotiation, Smith lowered his base salary to the league minimum ($940,000) while the remaining $6.56 million was converted to a fully guaranteed signing bonus. Smith also has a $100,000 roster bonus that brings his cap number in 2013 to $3,726,667, a cap savings of $4,273,333.

The 49ers had $2.15 million in cap space prior to the Smith extension and will now be $6.4 million under their adjusted cap number of $125,773,186. The 49ers have yet to sign first-round safety Eric Reid, who will carry a fcap number of $1,541,955 for 2013.

Smith is scheduled to earn $3.15 million in base salary in 2014, $2 million of which is at least partially guaranteed, and will earn $2.65 million in base salary in 2015. Smith is also eligible to receive $1.4 million in roster bonuses in both 2014 and 2015, though it's currently unclear if those are paid out on specific dates or if they are of "per game" variety that the 49ers use with great frequency, even if the player signing the deal has a track record of durability.

Smith had been represented by CAA's Jim Steiner, who retired from the business in February of 2012. According to former player agent Joel Corry, Smith recently parted ways with CAA.

After spending the first seven seasons of his career with the Cincinnati Bengals, Smith joined the 49ers as an unrestricted free agent in 2008. Over the last five seasons, Smith has 32 sacks, has been selected to play in four Pro Bowls, and is a three-time All-Pro. The 33-year-old was eager to remain with the 49ers, but acknowledged that he's taking a year-by-year approach.

"I’m playing this one, I know that for a fact and then we’ll go from there," Smith told the 49ers official website. “I feel good, that’s the main thing.”

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