Smith has $7.5 million and one year remaining on his current deal, signed in 2012.
The Chiefs have reason to have faith in the 29-year-old quarterback who was acquired last year in a trade with the San Francisco 49ers. The Chiefs jumped from 2-14 to 11-5 this season with Smith under center. He followed that with a stellar performance last Saturday, throwing for 378 yards and four touchdowns in a narrow playoff loss to the Indianapolis Colts.
In three career playoff games, Smith has a 108.6 passer rating with nine touchdowns and zero interceptions. Teams led by Smith at quarterback have gone 30-9-1 in the past three seasons.
Bottom line, Smith is a bargain at his current rate and is due for a big raise. The Chicago Bears recently re-signed Jay Cutler to a multi-year deal that includes $54 million guaranteed in the next three years.
Smith is unlikely to cash in on that level, but we don't imagine he'll be complaining when negotiations are done.