Quarterback Alex Smith's contract counts $9.25 million against the 49ers' 2012 salary cap, according to a document obtained Thursday by CSNBayArea.com through an NFL Players Association source.
Smith signed a three-year, $24 million contract with $9 million in guaranteed money, as reported on Wednesday. The deal can average as much as $11 million annually if Smith maxes out his incentives and escalator.
On the surface, the contract looks as if it contains $16.5 million in guaranteed money. But Smith's second-year base salary of $7.5 million is fully guaranteed only if Smith remains on the 49ers' roster on April 1, 2013.
Smith received no signing bonus, but his $5 million base salary and $3 million roster bonus for 2012 are guaranteed. Also, $1 million of his second-year salary is fully guaranteed.
In figuring Smith's cap figure, likely-to-be-earned incentives of $1.25 million count each of the three seasons because Smith would have reached those incentives with his performance from last season.
Smith's projected cap figures for the three years of his contract are $9.25 million in 2012, $9.75 million in 2013, and $8.75 million in 2014.
Here's how Smith's average salary per season ranks among other quarterbacks in the NFL (with years the deals span):
Average QB salaries per year
Peyton Manning 19.2 million (2012-'16)
Tom Brady 18 million (2010-'14)
Michael Vick 16.67 million (2011-'16)
Eli Manning 16.25 (2009-'15)
Philip Rivers 15.3 million (2009-'15)
Jay Cutler 14.67 (2009-'13)
Ben Roethlisberger 14.67 million (2011-'15)
Drew Brees 14.4 million (2012)
Mark Sanchez 13.49 (2012-'16)
Sam Bradford 13 million (2010-'15)
Aaron Rodgers 12.7 million (2008-'14)
Kevin Kolb 12.4 million (2011-'16)
Matthew Stafford 12 million (2009-'14)
Tony Romo 11.25 million (2011-'16)
Matt Ryan 11.25 million (2008-'13)
Ryan Fitzpatrick 9.83 million (2011-'17)
Matt Cassel 9.66 million (2009-'14)
Matt Schaub 8 million (2007-'12)
Alex Smith 8 million (2012-'14)
-Exclusive franchise tag (subject to raise)
From NFL Players Association sources