NFL.com's Steve Wyche reports it's a four-year, $26 million deal that includes $21 million guaranteed, according to a source with knowledge of the situation. The Bengals have an option to extend the contract after the 2010 season, which would make the deal a six-year, $42 million contract with $29.5 million guaranteed. Smith also has incentives that could increase the maximum value of a six-year deal to $50 million.
"I'm glad a deal got done," Alvin Keels, Smith's agent, told NFL Network's Jason La Canfora. "It came down to me and the Bengals putting on our creative hats and working out a deal that made sense for everybody."
The Bengals originally planned to have Smith start at right tackle, but he has missed three preseason games. He was in Cincinnati and agreed to the deal shortly before the start of a late afternoon practice, allowing him to get back on the field.
The Bengals finish their preseason schedule with a home game against Indianapolis on Thursday. It's unclear whether the rookie will be ready to play in that game.
"We'll ease him into practice, see where his conditioning level is and see where he is this week," coach Marvin Lewis said. "We haven't made a decision about Thursday and won't know until after Wednesday."
Smith's contract leaves Michael Crabtree, drafted by San Francisco with the 10th overall pick, as the only unsigned first-round selection.
Smith participated in the afternoon practice, doing some drills with other linemen during the portion of the workout open to the media.
"It was difficult just sitting there waiting. I'm eager to get back to football," Smith said after practice. "I don't feel like I'm that far behind. There's a difference between workout shape and football shape. I'm ready to get back into football shape."
The team gave Smith's bed to another player during training camp in Georgetown, Ky. HBO's "Hard Knocks" episode last Wednesday showed teammates mocking Smith's weight during the team's annual rookie skits.
This isn't the first holdout in Cincinnati. Last year, linebacker Keith Rivers missed nine days of camp and was one of the last two first-round picks to come to terms.
Signing status of top picks
The Bengals' offensive line was one of their top priorities in the offseason. The offense finished last in the league in 2008 in large part because of the line's ineffectiveness.
Quarterback Carson Palmer missed a dozen games because he tore a ligament and tendon in his throwing elbow when he got hit while passing.
Information from the Associated Press was included in this report.