The structure of Alex Smith’s contact with the Washington Redskins was revealed on Monday. Smith signed a four-year extension that could be worth $94 million with $71 million guaranteed.
Alex Smith’s 4 year $94M extension w/ the #Redskins includes $40M in 2018, $55M GTD at sign, $71M thru 2020, & cap hits of $18.4M, $20.4M, $21.4M, $24.4M, $26.4M
Details: https://t.co/ox4Vdz0wP6— Spotrac (@spotrac) March 19, 2018
Smith earned $55 million in guarantees upon signing the new deal with the Redskins. He will earn $40 million in 2018 that includes $27 million signing bonus and his base pay of $13 million. However, he will take on an $18.4 million cap hit for the Redskins. He initially was set to have a $17 million cap hit in the final year of a four-year deal he signed with the Kansas City Chiefs. His 2019 salary of $15 million is guaranteed.
Smith’s 2020 salary of $16 million is also guaranteed, summing his guarantees at $71 million in total. That ensures that the Redskins will be committed to Smith in some shape of form for the next three years, at least. Smith will turn 34 years of age by the start of 2018 season.
The Redskins will have a potential out following the 2020 season. However, they’ll eat a $13.5 million dead cap hit. Smith is set to make $19 million in base salary that season drawing a cap hit of $24.4 million. If the Redskins were cut ties with Smith, they’ll save $10.9 million for 2020 season and nearly $20 million in 2021.
In total, Smith’s deal could be as high as $111 million over five years but at least $71 million over three years.
Just because many will compare, former Redskins quarterback Kirk Cousins is set to make a guaranteed $84 million over the next three years with the Minnesota Vikings. So, the Redskins saved at least $13 million over three years or $4.3 million per year when comparing Cousins and Smith’s contracts. However, there is no way to know if Cousins would have signed a similar deal with the Redskins had there been any sort of agreement between the two sides.
After placing a franchise tag on Cousins for each of the past two seasons, costing roughly $44 million, the Redskins opted to trade cornerback Kendall Fuller and a third-round pick to the Chiefs in exchange for Smith.
