49ers general manager Trent Baalke had this to say about Smith's departure from the San Francisco organization:
We would like to thank Alex for his contributions to the 49ers organization over the past eight years. He is a true professional who represented the 49ers with class on and off the field.
While this deal was already agreed to in principle two weeks ago (via ESPN.com), the start of the new league year now makes the transaction official.
Smith, 28, has played the past eight seasons with the Niners, who drafted him with the No. 1 overall pick in the 2005 NFL draft.
After five tumultuous seasons in San Francisco, Smith began to blossom under head coach Jim Harbaugh in 2011, leading the 49ers to a 13-3 regular season record and a spot in the NFC Championship Game that year while completing 61.3 percent of his passes for 3,144 yards, 17 touchdowns and just five interceptions.
In 10 appearances this past season, Smith completed 70.2 percent of his passes for 1,737 yards, 13 touchdowns and five interceptions.
Smith started the first nine games of 2012 for San Francisco, but suffered a concussion in Week 10 against St. Louis, opening the door for second-year backup quarterback Colin Kaepernick.
Which quarterback will fare better in 2013?
Kaepernick would lead the 49ers to a 5-2 finish to the regular season and ultimately into Super Bowl XLVII as the NFC Champions. San Francisco would fall 34-31 to the Baltimore Ravens in New Orleans, but Kaepernick's impressive performances over the course of the team's deep postseason run made Smith dispensable.
The former Utah signal-caller will turn 29 in early May, but still has plenty to offer. At 6'4", 217 pounds, Smith possesses the prototypical NFL quarterback frame, and boasts mobility that very few other NFL passers do.
With 75 career regular season starts to his name, Smith has seen and experienced all there is to in the NFL. He has completed 59.3 percent of his career passes for 14,280 yards, 81 touchdowns and 63 interceptions.
Follow Bleacher Report Featured Columnist Patrick Clarke on Twitter.