The first-round pick agreed Monday to a $18.4 million contract that includes $11.5 million guaranteed, a source informed of the situation told NFL Network Insider Ian Rapoport. Smith will address the media after practice, Rapoport added. Like all rookie deals, the four-year contract includes a team option for a fifth season.
The team confirmed the signing on Tuesday.
Smith is the last of this year's first-rounders to agree to a rookie deal -- a holdup that ultimately kept him out of Chicago's entire training camp and the Bears' first two preseason contests. Bears coach Matt Nagy said last month that the NFL's new helmet rules were "among" the reasons between the prolonged stalemate.
Selected No. 8 overall by the Bears, Smith is expected to slide right into the starting lineup as a sideline-to-sideline tackler for an underrated Chicago defense. Known for his speed and athletic ability, Smith tallied 6.5 sacks and 137 tackles at Georgia last year.
Nagy told reporters Sunday he believes Smith missing camp could have a detrimental effect that lasts into the regular season.
"But I have full confidence in [defensive coordinator] Vic [Fangio] and his staff that, when [Smith] does get here, they'll get him up to speed," Nagy said. "... That's why we all get paid as coaches -- to try to help our players out as much as possible -- and that's kind of where we're at."
With Smith officially joining the team, it remains to be seen when he might make his game debut. Chicago's next preseason game is Saturday at the Denver Broncos.