49ers, Alex Smith Agree To 3-Year Deal, According To Report

The San Francisco 49ers, after losing out on the Peyton Manning sweepstakes, have re-signed Alex Smith to a three-year contract, NFL Network's Michael Lombardi reported Tuesday night. Alex Smith had reportedly visited the Miami Dolphins on a free-agent visit, but ultimately decided not to let pride get in the way of returning to the team that drafted him No. 1 overall in the 2005 draft. Smith led the Niners to the NFC Championship last year, the first time they reached the playoffs in his career.

The contract's financials were not disclosed, but ESPN's Chris Mortensen reported that the deal is worth roughly $8 million per year, which, if it's paid out fully, is about $1 million more total than the one the Seahawks paid to Matt Flynn earlier. Smith had few options after Flynn's deal and the Dolphins' signing of David Garrard to back up starter Matt Moore.

Smith broke out under head coach Jim Harbaugh in 2011 after five oft-disappointing seasons. He threw for 3,144 yards and 17 touchdowns with only five interceptions. He led the Niners in a dramatic comeback victory over the New Orleans Saints in the NFC Divisional Playoffs in January.

For more on Smith and the 49ers, be sure to check out Niners Nation and SB Nation Bay Area.

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