When the Redskins traded for Alex Smith on January 30, news also broke that he had agreed to a four-year extension with Washington in addition to the one year left on his contract with the Chiefs. While we got some top-line numbers on the deal, we have gone since then without any details.
The details show a deal that has a slightly higher cap hit in 2018 than was on his original Chiefs contract and the numbers rise gradually over the life of the deal, which runs through 2022. The top line numbers are five years, $111 million, an average annual value of $22.2 million per year.
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Smith got a $27 million signing bonus and his salaries for 2018 ($13 million) and 2019 ($15 million) also are fully guaranteed at signing making the total $55 million (information via Over the Cap, which got data from a report by Albert Breer).
But there is another $16 million that is guaranteed for all practical purposes. On the fifth day of the 2019 league year, his 2020 salary of $16 million becomes fully guaranteed. He almost assuredly will get to the point where that money will become guaranteed since the Redskins are not going to cut him after one year having invested $55 million in him. So the total guarantees come to $71 million.
His 2021 salary is $19 million and it goes up to $21 million in 2022. There have been reports of some incentives available to Smith, but since we have no details, we’ll set those aside for now.
The cap hits on the contract are as follows:
2018: $18.4 million
2019: $20.0 million
2020: $21.4 million
2021: $24.4 million
2022: $26.4 million
The Redskins can realistically move on from Smith after 2020. There would be net cap savings of $13 million in 2021 and $21 million in 2022.
The first impression of the deal is that the Redskins did not move on from Kirk Cousins because they didn’t want to guarantee a lot of money to a quarterback. The total practical guarantee of $71 million is second only to Cousins’ $82.5 million. It should be noted that Cousins’ deal runs for three years and Smith’s contract is for five.