Smith was set to become an unrestricted free agent this offseason, holding an annual value prediction of just under $20 million per year, according to Spotrac.
Kansas City tagged Smith with the hopes of signing him to a long-term contract, coincidentally after the news broke that the NFL Salary Cap for each team has gone up an extra $23.8 million bringing the total cap to $279.2 million for the upcoming season.
Smith has spent all four seasons with the Chiefs after being drafted in the sixth round of the 2021 NFL Draft.
He has since won two Super Bowls and was selected to his first Pro Bowl this past season.
The four-year guard out of Tennessee had a great year for the Chiefs after not allowing a single sack in 708 pass-blocking snaps (the fifth most of all guards across the league).
His 78.8 overall grade was ranked 14th-best among 135 guards while his 80.8 run-block grading ranked 10th.
Smith's 70.6 pass-blocking grade (33rd) may seem low for someone who didn't allow a single sack. However, it's probably because he allowed 26 quarterback pressures (104th) and five QB hits (114th).
The standout guard was also flagged nine times in 2024 - the 10th most among guards.
But it looks like the Chiefs see great things to come for Smith and the rest of his career as they move towards a possible long-term deal.