Report: 49ers, Alex Smith close to finally finalizing deal, but how close is close? Update: Close. They just agreed to terms.

According to Chris Mortensen, Alex Smith is “in the process of finalizing a deal” with the Niners.

Mortensen reports the contract will average about $8 million per year. Now, all the Niners and Smith have to do is work out the contract language and agree on the guaranteed money. Piece of cake, right?

Not so fast. The guaranteed money has been a major sticking point in the negotiations this whole time, if I understand correctly. Smith didn’t want to earn less than career backup Matt Flynn, who signed a three-year, $26 million contract with $10 million guaranteed with the Seahawks last week.

In this case, working out the guaranteed money, or “the process of finalizing a deal,” could be more like an ordeal.

My pops doesn’t think so. He’s convinced Smith and Niners will finalize the contract tonight.

I doubt it. My gut says this drags on.

What do you think?

Update: And, I’m wrong again. According to Michael Lombardi, the Niners and Smith just agreed to terms. What the terms are, he didn’t say.

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