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Smith signed a three-year, $24 million contract with $9 million in guaranteed money. The deal can average as much as $11 million annually if Smith maxes out his incentives and escalator.
On the surface, the contract looks as if it contains $16.5 million in guaranteed money. But Smith's second-year base salary of $7.5 million is fully guaranteed only if Smith remains on the 49ers' roster on April 1, 2013.
Smith received no signing bonus, but his $5 million base salary and $3 million roster bonus for 2012 are guaranteed. Also, $1 million of his second-year salary is fully guaranteed.
In figuring Smith's cap figure, likely-to-be-earned incentives of $1.25 million count each of the three seasons because Smith would have reached those incentives with his performance from last season.
Smith's projected cap figures for the three years of his contract are $9.25 million in 2012, $9.75 million in 2013, and $8.75 million in 2014.If you want to run, run a mile.
If you want to experience a different life, run a marathon.
If you want to talk to God, run an ultra.