Deal has been agreed upon between Chiefs and 49ers. Compensation unclear but I'm told again Chiefs have made a clear commitment to Smith.— Jay Glazer (@JayGlazer) February 27, 2013
Wow is all I can say. At first glance, I don't know why the 49ers would shut the market down and do a deal this early. They can not make the trade official until March 12 when the new league year is here and the trading period is open.
The compensation on the deal is not yet known but rumors have been anywhere from a second round pick to a fifth round pick. The Chiefs could have an extra third round pick due to compensatory choices, which would make a high draft pick a little easier to swallow.
Smith has two years left on his contract, which is set to pay him $7.5 million in 2013. There's also a $1 million bonus due on March 15, which is why many expect this trade to get done before that point. The league opens on March 12, at which point this trade can become official. It's important to note that while the two teams have reportedly agreed to a deal, it can not be official for two more weeks. That may not mean anything. Then again, maybe it will.
Smith would be yet another former 49ers quarterback to join the Chiefs, following in the footsteps of Steve Bono, Steve DeBerg, Joe Montana and Elvis Grbac.