That Alex Smith is returning to the 49ers on a three-year contract is official. The team issued a press release Thursday morning. But reports vary on how much he will earn and what's guaranteed.
The Associated Press reported Thursday that 8 million per season with 16.5 million guaranteed, according to a person with knowledge of the negotiations. Previous reports indicated that 10 million was guaranteed.
However, it is not known if the money is fully guaranteed. The 49ers often structure contracts in which a large percentage is guaranteed for injury only and not for performance.
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The agreement, first reported by the NFL Network's Michael Lombardi, came more than a week into the free-agent signing period and included an "ironing-out" session with coach Jim Harbaugh after Peyton Manning spurned the 49ers on Monday to sign with the Denver Broncos.