Maiocco: Justin Smith is best free agent signing in 49ers history
Through the extension, the 49ers decreased Justin Smith's 2013 cap hit from $8 million to $3.726 million. (USA TODAY IMAGES)
Justin Smith's contract extension with the 49ers cleared more than $4 million in salary cap room this season, a source told CSNBayArea.com.
The 49ers are now $6.423 million under the salary cap after Smith's two-year extension through the 2015 season.
Smith's extension averages $4.35 million per season over the 2014 and 2015 seasons, the new years added to the deal. Smith, who has earned trips to the Pro Bowl the past four seasons, negotiated the contract with the 49ers without the use of an agent.
Under the terms of the deal he signed with the 49ers in 2008, Smith averaged $7.5 million per season.
As part of the deal, Smith's scheduled $8 million pay for 2013 was converted to a $6.56 million signing bonus, a $940,000 base salary with a $500,000 workout bonus and a $100,000 roster bonus. Under the new deal, he is scheduled to earn $8.1 million this season. The conversion of salary to signing bonus moved Smith's cap figure from $8 million to $3.726 million, the source said.
He is scheduled to earn $4.55 million in 2014 with a $3.15 million salary and a $1.4 million roster bonus. His salary cap figure in 2014 is scheduled to be $6.736 million. In 2015, he is scheduled to receive $2.65 million in base salary with a $1.4 million roster bonus for a cap figure of $6.236 million.
[RELATED: Smith's final contract? 'For sure']
The 49ers have plenty of cap space to sign first-round pick Eric Reid, as well as cope with any contingencies as a result of injuries. Reid is the only remaining unsigned 49ers draft pick.