After the San Francisco 49ers flirted with Peyton Manning (and ultimately failed), they're returning to the guy that helped them to the NFC Championship game. Alex Smith and the 49ers agreed to terms on a three-year contract that is expected to pay him an average of $8 million per year. Over $16 million of the contract is guaranteed.
According to the Associated Press, the contract has a maximum value of $33 million.
Smith would probably have to play very, very well, or make another NFC Championship run, in order to reach the full value of the deal. The 49ers were reportedly offering Smith a three-year, $24 million deal before they made their Manning advances.
In the time that the 49ers interest in Manning became public, Smith visited the Miami Dolphins and while there was interest between the two sides, Smith probably knew that his best chance of success would be in San Francisco, and not Miami.