Breaking down the salary cap impact of Trey Smith’s extension

The Kansas City Chiefs signed franchise-tagged guard Trey Smith to a four-year, $94 million contract extension before the deadline, making him the highest-paid guard in NFL history. This replaces the $23.4 million franchise tag salary he would have played under.

The contract guarantees Smith $46.75 million over the next two seasons. For the upcoming season, he receives a $10 million base salary and a $17 million signing bonus. His 2026 base salary of $19.75 million is also fully guaranteed. His salary cap charges are set at $14.25 million for 2025 and $24.25 million for 2026.

Smith's $23.25 million base salary for 2027 is guaranteed for injury and becomes fully guaranteed early in the 2026 league year. He can also earn $250,000 workout bonuses each offseason for the next three years, potentially securing $70.5 million over that period. For 2028, the final year, no salary is guaranteed; he would earn a $23.25 million base salary and another potential $250,000 workout bonus. Completing the contract would make him a free agent in 2029. His cap charges for 2027 and 2028 are scheduled at $27.75 million each.

While the contract structure follows the expected pattern of two fully guaranteed seasons and a third vesting early, the Chiefs frontloaded the cap impact more than anticipated. They used a lower signing bonus and a higher first-year base salary. This significantly reduced his 2025 cap charge from $23.4 million, though it could have been lowered further to under $7 million.

The deal's structure raises questions about its impact on the Chiefs' already uncertain 2026 salary cap situation. It also prompts speculation about whether General Manager Brett Veach has further moves planned, such as an extension for cornerback Trent McDuffie. With this contract, the Chiefs are estimated to be approximately $20.6 million under the 2025 salary cap just before training camp begins.