Alex Smith will receive a hefty $55 million when his four-year extension worth $94 million with the Washington Redskins becomes official on Wednesday, according to Ian Rapoport of the NFL Network.
Contract note, as guaranteed money continues to be an important topic: #Redskins QB Alex Smith’s 4-year, $94M deal that’ll be official Wednesday includes $55M guaranteed at signing & $71M fully guaranteed by the start of 2019. Nearly as much as Matt Stafford, more than Jimmy G
— Ian Rapoport (@RapSheet) March 12, 2018
Smith will receive all $71 million of his guaranteed dollars by the start of the 2019 season. As Rapoport notes, Smith’s guarantee puts him right in line with Matthew Stafford and more than Jimmy Garoppolo. Considering, the Redskins and Kirk Cousins could not come to terms on a long-term deal and Cousins is expected to receive close to $100 million guaranteed in three seasons, news of Smith’s deal is certainly to draw some ire from fans.
Even with the latest news, there are more important details that need to be learned before drawing to a significant conclusion. Dead cap money will be another major column, considering Smith will be 34 years of age at the start of the 2018 season.
Smith was traded to Washington from the Kansas City Chiefs in exchange for cornerback Kendall Fuller and a 2018 third-round pick. Smith was to be in the final year of a five-year deal worth $76 million at the time of his trade. He is set to carry a $17 million cap hit in 2018 before his new deal sets in. The four-year extension will begin at the start of the 2019 season.
Last season with the Chiefs, Smith threw for a career-high 4,042 yards and 26 touchdowns with an 8.6 yards-per-attempt average (led NFL) and a quarterback rating of 104.7 (led NFL).