The Kansas City Chiefs will try to reach an agreement on a contract extension with quarterback Alex Smith in the offseason before he begins the final year of his current contract, NationalFootballPost.com reported Wednesday.
Smith has one year remaining on a three-year deal he signed in 2012. The final year is worth $7.5 million, considerably less than comparable quarterbacks make.
Chicago Bears quarterback Jay Cutler signed a seven-year, $126.7 million contract last week.
Smith, the No. 1 overall pick in the 2005 NFL Draft, was acquired by the Chiefs last offseason in a trade with the San Francisco 49ers. He was one of the key components in the Cheifs' improvement from a 2-14 team in 2012 to a team that went 11-5 in the 2013 regular season and got to the playoffs.
In the Chiefs' 45-44 loss to the Colts in the first round of the playoffs, Smith was 30-of-46 passing for 378 yards, four touchdowns and no interceptions. However, Kansas City blew a 38-10, third-quarter lead.
Smith finished the season a quarterback rating of 89.1, the third best of his nine-year career.
Over the past three seasons with the 49ers and Chiefs, he has a 30-9-1 record in his regular-season starts.