Kansas City Chiefs Agree to Trade Alex Smith to Washington Redskins

The Chiefs will reportedly save $17 million by trading Alex Smith.

alex smith chiefs getty 2017

Image via Getty/Jim McIsaac

alex smith chiefs getty 2017

The Kansas City Chiefs have reportedly agreed to trade quarterback Alex Smith to the Washington Redskins. The teams will not be able to complete the trade until March 14—the league's first day of the year—but they have officially agreed on terms.

The Kansas City Star's Terez A. Paylor was the first to break the news, reporting that the Chiefs stand to save $17 million by freeing themselves of Smith's lumbering $20.6 million salary cap space. ESPN's Ian Rapoport tweeted that the Chiefs will receive a 2018 third-round pick, plus an unnamed player whose identity will be revealed on Wednesday.

The #Chiefs traded QB Alex Smith to the #Redskins for a 2018 third-round pick and a player to be named tomorrow, sources say. Solid return, regardless of who the player is.

— Ian Rapoport (@RapSheet) January 31, 2018

Smith has settled on a four-year contract extension with the Redskins, according to ESPN's Adam Schefter.

QB Alex Smith and Washington now have reached an agreement on a new four-year contract extension, per sources. Smith, who had one year left on his contact, tied to Washington for next five seasons. Smith gets long-term deal from Washington that Cousins could not.

— Adam Schefter (@AdamSchefter) January 31, 2018

While no paperwork can be signed until the aforementioned allotted date, multiple sources say that Smith will average $23.5 million each year in new money, with around $70 million in guaranteed compensation.

Alex Smith will average $23.5 million per year in new money on the four-year extension with approximately $70 million in guaranteed money on the agreement between the two sides, per @mortreport. There is no official contract or paperwork so agreement in principle right now.

— Adam Schefter (@AdamSchefter) January 31, 2018

Of course, as fans on Twitter are already pointing out, Smith's four-year extension comes after Redskins quarterback Kirk Cousins played under the franchise tag for the previous two seasons—meaning he only had a one-year guaranteed deal.

This trade almost certainly means the Redskins won't give Cousins a transition tag, as was previously expected, and he'll be an unrestricted free agent this offseason.

Redskins: Kirk.... we're not gonna sign you... we just traded for alex smith

Kirk: pic.twitter.com/L1DCDk3sZL

— Tony X (@soIoucity) January 31, 2018

Friendly reminder: The Super Bowl isn't even underway and the NFL offseason is already lit. You gotta love football.

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