Alex Smith had one year remaining on his contract before the 4-year extension.
Terez Paylor of the Kansas City Star has the big scoop: Alex Smith and the Kansas City Chiefs have agreed to a 4-year contract extension worth $68 million. The deal includes $45 million in guarantees.
The #Chiefs and Alex Smith have agreed to a four-year, $68M contract extension with $45M in guarantees, a league source tells me.— Terez A. Paylor (@TerezPaylor) August 31, 2014
This comes out to $17 million per year on the extension, right around the numbers folks were talking about. The entire key here is how it's structured. If this is a 4-year extension on top of his current contract which had one year remaining, this would keep Smith under contract through the 2018 season.
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