Washington Redskins: Alex Smith’s contract is a bargain
Alex Smith signed a new contract with the Washington Redskins for four years and $94 million, and it’s actually a good deal for the team.
When the Washington Redskins unofficially acquired quarterback Alex Smith from the Kansas City Chiefs back in January, they quickly came to terms on a four-year extension with their new quarterback. The numbers, four years and $94 million, had the league buzzing.
The devil, of course, is in the details and thanks to Spotrac, we now have those details.
At first glance, you see Smith getting $40 million in 2018 and $55 million guaranteed at signing and think the Redskins are making a massive mistake. It’s important to note, former Washington quarterback Kirk Cousins received a three-year deal that’s fully guaranteed at $84 million. Smith’s deal is a four-year extension meaning he will be with the Redskins for five years. Essentially, Smith’s pact is a three-year deal. All of his guaranteed money will be paid by year three and he gets $71 million in total guarantees.
The structure of Smith’s deal allows the Redskins to spread out the cap numbers over the length of the deal. With Cousins’ deal fully guaranteed, the Vikings don’t have that flexibility. Smith’s cap hits over the next three seasons are $18.4 million in 2018, $20.4 million in 2019 and $21.4 million in 2020. Then, Washington can get out of the deal if it wants to add a younger quarterback. Smith’s cap numbers are still good for 2021 ($24.4 million) and 2022 ($26.4), too.
At no point during this contract is Smith’s salary untenable, which allows the Redskins to re-sign some of their own younger players and be active in free agency. Cousins’ cap number will never be lower than $28 million.
With Aaron Rodgers and Matt Ryan set to get new contracts soon, a new standard will be set. Rodgers, along with Tom Brady, is the NFL’s top quarterback. He is expected to exceed the $30 million mark annually. Ryan likely will, too. The quarterback market is much different than any other. The newest contract will only be the highest for so long. Mediocre or even bad quarterback play results in big money for desperate teams. See Osweiler, Brock.
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Three years from now, there will likely be a number of quarterbacks making $30 million or more per season, while the Redskins will still have Alex Smith at $21.4 million. That’s good business. The salary cap will continue to climb and Washington will have a good quarterback operating under a team-friendly deal.