The details of the contract are now in:
https://www.spotrac.com/nfl/indianap...n-smith-25136/
Looks like Smith’s extension is a much more team-friendly than the contract Saints RT (Ryan Ramczyk) signed a few weeks earlier. Smith is also 2 years younger.
Smith got $32M in guarantees, all of which are paid in this year and 2022, though there would be a sizable cap hit ($15M) if he was cut in the 2022-2023 offseason, so its pretty unlikely that would happen barring some sort of career-ending injury. After the 2023 season, he’s completely non-guaranteed, with the only potential cap hit being the remaining prorated portion of his signing bonus ($6M if he’s cut in 2023, $3M if in 2024). So in reality, I’d say it’s closest to a two-year, $39.5M extension, with two additional $15M-average option years,
By comparison, here's Ramcyzk's contract:
https://www.spotrac.com/nfl/new-orle...ramczyk-21773/
Ramcyzk got $43M in initial guarantees, which mostly (but not all) are bunched into the 2021-2022 years. Plus, another $10.7M in 2023 becomes automatically guaranteed on the third day of next season (2022), so this is basically guaranteed as well barring a major injury (if they cut him before that they’d have to take a massive Wentz-like cap hit of at least $37M). After 2023, he receives some (but very limited) guarantees, and like Smith his cap hit if cut is reduces dramatically (though still higher than Smith's). So his contract is probably closest to a two-year, $52M extension, with three $18M-average option years. Plus, Ramcyzk’s contract has a few more bells and whistles like escalator clauses for being an All-Pro.