The contract for San Francisco 49ers quarterback Alex Smith is structured in such a way that the team would be able to trade him without being on the hook against the salary cap for any pro-rated bonus money, per Albert Breer of the NFL Network. The 49ers have been working all week during the NFL Combine to trade Smith, according to Breer, but they will not be able to finalize any trade until the new league year begins on March 12
San Francisco reportedly agreed to a deal for Smith earlier on Sunday. They have not revealed the team acquiring him yet, but it's widely believed to be the Kansas City Chiefs or Buffalo Bills (the Jacksonville Jaguars have already denied involvement).
A former No. 1 overall pick in 2005, Smith mostly struggled throughout his career before finding new life under coach Jim Harbaugh. Harbaugh never saw him as the long-term answer, however, and benched him for Colin Kaepernick halfway through the 2012 season. Kaepernick went on to lead the 49ers to the Super Bowl, making Smith even more expendable.
Smith may never live up to his high draft status, but he'll be a passable stopgap for a team looking to develop a young quarterback.