The details of Alex Smith’s four-year contract extension with the Washington Redskins were revealed Monday. The quarterback will receive $40 million in 2018, made up mostly of a $27 million signing bonus.
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
— Spotrac (@spotrac) March 19, 2018
Details: https://t.co/ox4Vdz0wP6
Alex Smith signed his 4-year, $94 million extension with the #Redskins last week. He’ll make $40M this season, including a $27M signing bonus.
— Tom Pelissero (@TomPelissero) March 19, 2018
The contract is backloaded: The Redskins take on the smallest cap hit in 2018 ($18.4 million), with the number then increasing annually to $20.4 million, $21.4 million, $24.4 million and $26.4 million.
Smith is guaranteed a total of $71 million, the number most people are focused on. That $71 million will be paid out over the first three years of the deal, after which Washington has an “out” option.
It’s still less money than the Minnesota Vikings will pay Kirk Cousins, the quarterback the Redskins parted ways with in favor of Smith. Cousins’ new contract is worth $84 million over three years, and unlike most NFL contracts, the money is fully guaranteed.
The Redskins acquired Smith, the first overall pick in the 2005 draft, from the Kansas City Chiefs in February in exchange for cornerback Kendall Fuller and a third-round draft pick. The trade was made official last week at the start of the new league year.
• Adam Zielonka can be reached at azielonka@washingtontimes.com.
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