Adding to Paylor's report, ESPN's Field Yates says the agreed compensation in this deal — which can't be made official until the new league year opens on March 14 — is Washington's third-rounder and nickel CB Kendall Fuller.
NFL Media reports that Smith — who was set to enter a contract year in 2018 with a salary of $14.5 million, plus 2.5 million in bonuses — will sign a four-year extension upon officially joining Washington. That deal will include $71 million guaranteed and an average of $23.5 million annually in new money.
The numbers in Smith's extension, while impressive, still likely offer Washington significant savings vs. bidding for Kirk Cousins on the open market, where he'll now likely command the richest contract in NFL history.
Smith was the better quarterback in 2017, the 13th-year veteran's finest NFL hour, and he'll be cheaper for Washington than re-signing Cousins, 30, who collected more than $44 million on the franchise tag over the past two seasons.
At first glance, this deal makes a ton of sense for Washington. It's hard for us to say Cousins' ceiling is much higher than the brilliant campaign Smith just authored. Sure, Cousins is four years younger, but that will obviously be reflected in his price tag. Moreover, Smith certainly appears to be on a trajectory similar to other excellent quarterbacks who've played some of their best football into their late 30s.
Cousins was solid in 2017, but he did take a small step back from 2016, when he was in the perfect situation under Jay Gruden, Sean McVay and with a pair of 1,000-yard receivers. When McVay, Pierre Garcon and DeSean Jackson were removed from the equation, Cousins' play went backward.
Meantime, the Chiefs are obviously taking a huge risk, but it's one they can get away with not only because of new starter Pat Mahomes' immense talent, but because they have Andy Reid to develop him in a proven QB incubator.
All eyes in Kansas City, where the Chiefs will add a third-rounder after dealing their first- to Buffalo last April for Mahomes, shift to the rocket-armed Texas Tech product who takes over an offense with three electrifying weapons in Travis Kelce, Tyreek Hill and Kareem Hunt.