Chiefs, Alex Smith reach agreement on 4-year, $68M extension

The Kansas City Chiefs and quarterback Alex Smith have reached an agreement on a contract extension, the team announced Sunday.

Kansas City Star beat writer Terez A. Paylor has the details.

The deal includes $30 million guaranteed at signing, and another $15 million vests next March, according to ProFootballTalk.

The Chiefs dealt two second-round picks for Smith's services last offseason. Smith had one year remaining on his contract, and was set to make $7.5 million this season.

Smith is coming off a season in which he threw for a career-high 3,313 yards and 23 touchdowns last season, his first in Kansas City.

The 30-year-old was very effective for the team in the closing months of last season, including a five-game stretch in which he threw 14 touchdowns versus only two interceptions.

If the deal does in fact include a whopping $45 million in guaranteed money, as the report indicates, it shows that the Chiefs are going all-in on Smith, who completed 31 of 51 passes for 286 yards and two interceptions in the preseason.

With Smith locked up, the Chiefs will now be free to use their franchise tag designation on outside linebacker Justin Houston next offseason, if they so choose. Houston is also set to enter the final year of his current deal.