What should the Kansas City Chiefs do with Alex Smith's contract?

What can you expect from the Kansas City Chiefs upcoming offseason?

There will be a number of story lines around the team that we'll be following. Free agency will come in March, with names like Branden Albert, Dexter McCluster and Tyson Jackson up in the air. The Chiefs will also be signing their own free agent players, bringing in some fresh blood. Will they pick up secondary help? Receiver? Then the 2014 NFL Draft will be in May and the Chiefs hold the 23rd pick. Who will they pick? The Chiefs will be without their second round pick so they could be inclined to pick up help on the open market.

One story line has the potential to stand out among all of those: Alex Smith's contract.

In Kansas City, quarterback contracts are kind of a big deal.

Back when the Chiefs first traded for Smith, there were questions about whether his contract, which now has a reported $7.5 million remaining and runs through 2014, would be extended. It wasn't.

So now, after the season, the same question about Smith's deal will come up.

I am operating under the assumption that the Chiefs DO want to extend Smith's contract. Others may disagree with that. Judging by Smith's play and the Chiefs public words about him throughout this process, I suspect the Chiefs are expecting to have Smith for multiple years down the line. But that's just me. Andy Reid was asked by Soren Petro on The Program about Smith's deal but he deferred to GM John Dorsey, who handles that side of things.

There are a lot of factors involved here. Any time you spend a lot of money on a player, the value of that player changes. Quarterbacks get paid a lot of money so there are salary cap concerns. Do the Chiefs extend his deal for a couple more years? Or break the bank? Or not do anything and let him play out his final year?

The quarterback contract, as the previous regime found out, can make or break you.

How should the Chiefs handle it?