Smith completed the final year of a two-year, $4 million contract in 2013 and was scheduled to become an unrestricted free agent this summer. By most accounts, Smith would have been highly sought after on the open market. Instead, the 31-year-old goaltender opted to sign a six-year, $34 million contract with the Coyotes that will carry an annual average value of $5.6 million against the salary cap. It is believed that the contract contains a no-movement clause for the first three years of the deal and a no-trade clause for the remainder of the agreement.
The decision to remain with the Coyotes was likely based in Smith's comfort level with manager Don Maloney, head coach Dave Tippett and goaltending coach Sean Burke remaining with the club. In addition, the club's ownership situation has been resolved to the extent that the club will either play in Phoenix or Seattle, which gave Smith a better understanding of where he would be living for the next six years.
Of course, the sizable increase to his salary was likely a key factor, as well.
In 263 career regular season games, Smith has accumulated a save percentage of .913 with a goals-against average of 2.57 and 24 shutouts.