The deal could be worth a total of $68M over four years. $45 million of it is guaranteed.
Smith, 30, was a Pro Bowler last season after throwing for a career-high 3,313 yards and 23 touchdowns in 15 games, leading the Chiefs to the playoffs for the first time since 2010. He set a franchise record for a playoff game with 378 yards and four touchdowns in a 45-44 loss to the Colts in the wild card round.
Smith had one year left on a deal that would have paid him $7.5 million this season. The first pick of the 2005 draft, Smith spent his first eight NFL seasons with the 49ers before they traded him to Kansas City for two second-round draft picks last offseason.
- Chris Mascaro