UPDATE: Alex Smith Signs Three-Year Deal With 49ers
SANTA CLARA, Calif. (AP) — Quarterback Alex Smith has signed a three-year deal with the San Francisco 49ers that will pay him $8 million per season with $16.5 million guaranteed.
A person with knowledge of the contract details said Smith's deal can pay him up to $33 million. The person spoke on condition of anonymity because details weren't made public.
On Tuesday, Peyton Manning was formally introduced in Denver after the 49ers pursued the four-time NFL MVP. Coach Jim Harbaugh worked out Manning at Duke last week.
The 27-year-old Smith met with Miami on Sunday but ultimately decided to stay put with the storied franchise that drafted him first overall in 2005.
Smith had a breakthrough season last year, throwing for 3,150 yards and 17 touchdowns to help San Francisco reach the NFC title game.
Copyright 2012 The Associated Press.
