Wide receiver Torrey Smith’s five-year, $40 million contract that brings him to the 49ers as a free agent reportedly includes an $8 million signing bonus and a first-year salary-cap number of $3.6 million.
Smith officially signed his contract in the Bay Area late Tuesday night. The 49ers are expected to announce his signing Wednesday after he passes the mandatory physical.
Multiple media outlets initially reported Smith would receive $22 million in guarantees, but most of that money is for injury-only and becomes fully guaranteed if Smith remains on the roster on April 1 of 2016 and ’17, according to former agent Joel Corry, who writes on salary-cap matters for CBS Sports.
In addition, Smith can achieve a $31,250 bonus -- or a total of $500,000 annually -- for each regular-season game in which he suits up on the 46-man game day roster. He has a $750,000 workout bonus this year, and $1 million workout bonuses in each of the following four offseasons.
The only fully guaranteed money in Smith’s contract is his $8 million signing bonus and $750,000 first-year salary, according to Corry.
Smith’s cap numbers during the course of his contract are $3.6 million this season, $7.6 million in 2016, $9.6 million in 2017, $9.6 million in 2018, and $9.6 million in 2019.