According to Matt Maiocco of CSNBayArea.com, Smith has converted his salary to a series of roster bonuses and salary that ultimately will pay him up to $9.754 million.
The specifics aren’t presently known. Maiocco explains that Smith will receive “incremental” bonuses, starting in April. He’ll earn $2 million before the start of the regular season. The balance of the $9.754 million will come from base salary and 53-man roster bonuses paid throughout the season.
It means that, in return for a $2 million advance paid out from April through August, the 49ers will have the ability to cut Smith and avoid all or part of the money.
“It wasn’t like they said, ‘If you don’t do this, you’re cut,’” agent Doug Hendrickson told Maiocco.
“The thought behind it is that Aldon realizes he’s been his own worst enemy. He has come a long way since he was suspended. Ultimately his goal, my goal and the team’s goal is for him to sign a long-term contract with the Niners. . . .
“He’s basically saying, ‘I’m willing to bet on myself that I will not do anything stupid.'”The fact that he gave up $9.754 million guaranteed for $9.754 million non-guaranteed suggests that, even without an ultimatum from the team, Smith may have been concerned that he would have been released before Tuesday.