Posted March 21, 2012 on AP on Fox

SAN FRANCISCO - DECEMBER 14: Quarterback Alex Smith #11 of the San Francisco 49ers throws the ball against the Arizona Cardinals in the second half at Candlestick Park on December 14, 2009 in San Francisco, California. (Photo by Jed Jacobsohn/Getty Images)
Quarterback Alex Smith and the San Francisco 49ers have agreed to terms on a three-year contract that will pay him $8 million per season with $16.5 million guaranteed, a person with knowledge of the negotiations said Wednesday. The person spoke on condition of anonymity because no announcement had been made. Smith was expected to sign within the day. Smith's new deal, which was all but done late Tuesday, can pay him up to $33 million. On Tuesday, Peyton Manning was formally introduced in Denver after the 49ers pursued the four-time NFL MVP. Coach Jim Harbaugh worked out Manning at Duke last week. The 27-year-old Smith met with Miami on Sunday but ultimately decided to stay put with the storied franchise that drafted him first overall in 2005. Smith had a breakthrough season last year, throwing for 3,150 yards and 17 touchdowns to help San Francisco reach the NFC title game. Both sides made it clear after the Niners' 20-17 overtime loss to the eventual Super Bowl champion New Yo...
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