Alex Smith traded to Washington Redskins: Yes, really

Here we go. The Kansas City Chiefs are trading QB Alex Smith to the Washington Redskins, according to the Kansas City Star’s Terez Paylor.

For the Chiefs, this means Patrick Mahomes time is now. For everyone else, Kirk Cousins is going to be a free agent. (Update: They’re giving Alex a new contract, too)

What is the compensation?

ESPN’s Adam Schefter said it’s a third round pick AND CB Kendall Fuller, who graded out very well at PFF. The deal is not officially done, as no trade can be formally consummated until the new league year in March. However, like the 49ers trading Alex to the Chiefs five years ago, these things can be agreed upon ahead of time.

Did the Chiefs save some money?

Yes, they saved about $17 million in cap space with this move. They were projected to be over the cap next season, so this is a huge part of the reason they are making this trade. They are trading out Alex Smith’s cap hit for Patrick Mahomes and his cheap rookie contract.

So, Mahomes time?

Most immediately, this means that Patrick Mahomes is your new Chiefs starting quarterback and the Chiefs saved about $17 million against the cap. This is what many thought would happen, but it’s still stunning on a number of levels.

Why is this so shocking?

First, that this even happened. We wondered if the Chiefs could possibly eat the money and keep Alex after he put up the best season of his career — 4,000 yards, 26 touchdowns, five interceptions and the highest QB rating in the league this year.

Second, that it’s Washington. They were often talked about in the quarterback market because they were going to lose Kirk Cousins, but now they have Alex.

Why is this happening now?

The timing is ... different. Why now? We didn’t expect the real rumors to heat up until closer to March when a trade can officially be consummated. It’s before the Super Bowl, which is rare for a move like this to happen this early. Alex Smith was making the media rounds during Super Bowl week and said he didn’t know what was going to happen. There was little to no talk of the Redskins being the target where Alex will be coached by Jay Gruden, brother of Jon (Andy Reid’s former co-worker and the new head coach of the Raiders).

Alex is the man

Alex Smith leaves as one of the most successful Chiefs quarterbacks of all time. It will always feel like he didn’t get enough credit because his teams in Kansas City won so often. However, that’s life in sports.

Washington is lucky.