In his previous contract, he was scheduled to make $24.6 million in the final two years.
"We have reached an agreement with Alex and his agent to keep him as a member of the San Francisco 49ers," general manager Scot McCloughan said in a statement. "Alex expressed a deep interest to remain with the team and that feeling was mutual." Other teams had shown interest in Smith, who is only 24 years old and has four years of NFL experience. Those teams were willing to pay him more than his 49ers deal, according to a source, but Smith was insistent on making something work in San Francisco.
Smith, the first pick in the 2005 draft out of Utah, had 30 starts in his first three seasons, but was placed on injured reserve for the entire 2008 season because of a shoulder injury.
His best season may have been in 2006, when he completed 257-of-442 passes for 2,890 yards, with 16 touchdowns and 16 interceptions. Part of his rocky path may be because of the 49ers' annual change in offensive coordinators -- Smith has had a new one in each of his four seasons.
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