Smith had the best season of his career last year — career highs in passing yards, completion percentage, and quarterback rating — and led the 49ers to a surprise 13-3 record. The team lost the NFC Championship Game to the eventual Super Bowl champion New York Giants in overtime, 20-17.

He turns 28 years old in May, so if he signs this deal, he’ll be a free agent again when he’s 31, which will leave him (barring injuries, of course) at least one more chance to sign a good-sized contract.