On Tuesday night, it was reported that the Washington Redskins were acquiring Chiefs quarterback Alex Smith in a blockbuster trade.
The trade can’t be executed until the 2018-19 league year begins but the details of the trade are beginning to emerge.
According to ESPN’s Adam Schefter, the Chiefs are receiving a third round pick and a player that will be named for Smith:
Trade term update: Washington is sending KC a third-round pick and an unidentified player for QB Alex Smith, per sources.
— Adam Schefter (@AdamSchefter) January 31, 2018
In addition to trading a draft pick and player for Alex Smith, the Redskins are also set to give him a massive contract extension worth north of $23 million a year, including $70 million in guarantees:
On the agreement in principle. Alex Smith will average $23.5 million per year in new money on the extension and $70 million in guarantees. Nobody will be able to review that contract for awhile because officially there is no contract. https://t.co/kY9DTZH2RT
— Chris Mortensen (@mortreport) January 31, 2018
Kirk Cousins, on the other hand, will be a free agent in March and will get paid.