Smith agrees to pay cut to remain with 49ers

The 49ers announced this morning that the club has agreed with quarterback Alex Smith on a pay reduction as part of a new two-year contract.

“We have reached an agreement with Alex and his agent to keep him as a member of the San Francisco 49ers,” 49ers general manager Scot McCloughan said. “Alex expressed a deep interest to remain with the team and that feeling was mutual.”


Smith was scheduled to have a base salary of $9.625 million this season and $15.05 million in 2010. But McCloughan made it known Smith would not be able to return at that contract after spending last season on injured reserve with his second injury to his throwing shoulder in two seasons. Smith turns 25 on May 7.


Smith will be available to speak with the media early this afternoon.


With his new contract, Smith will take part in the 49ers’ minicamp camp next week. The 49ers are scheduled to begin classroom work under new offensive coordinator Jimmy Raye on Monday, March 16. The week will conclude with a three-day minicamp.


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Don’t know the details on Smith’s new contract, but it has to be pretty similar to Shaun Hill’s contract. Hill is scheduled to make $1.4 million and $1.5 million in base salary the next two seasons, plus he can make another $1.8 million per season in incentives. Hill’s salary-cap figures in 2009 and 2010 are $2.1 million and $2.2 million.


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Smith, of course, is scheduled to compete for the 49ers’ starting quarterback job this offseason against Shaun Hill, who was member of Smith’s wedding party on Feb. 21. The 49ers have three QBs on the roster, including veteran Damon Huard, who signed last week. They might still add a quarterback in the draft.


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