Alex Smith to 49ers: San Francisco Re-Signs Former No. 1 Overall Draft Pick

It took longer than either side would have liked, but Alex Smith will be returning to the San Francisco 49ers, according to NFL Network's Michael Lombardi.

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The @49ers and QB Alex Smith agree to terms on a new contract, @NFLNetwork's @michaelombardi reports. #freeagency

— NFL (@nfl) March 20, 2012"

Both sides flirted with other parties before ultimately deciding that they worked best with each other.

Update: Wednesday, March 21 at 12:00 p.m. ET

We know that Smith signed a three-year contract that will pay him roughly $8 million per season, but Janie McCauley of the Associated Press reports the deal includes $16.5 million guaranteed and could move up to $33 million in total value.

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AP Source: Alex Smith's new 3-yr deal w/ #49ers is for $8 million per season with $16.5 million guaranteed, can pay him up to $33 million.

— Janie McCauley (@JanieMcCAP) March 21, 2012"

That's a pretty good haul, considering Smith made just $5 million in 2011. The 49ers had to pay up to make sure they got their quarterback, but now they can get back to preparing for the regular season. 

Update: Tuesday, March 20 at 11:00 p.m. ET

ESPN.com News Services reported the details of Smith's new three-year deal. 

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The 49ers and Smith reached agreement on a deal that sources told ESPN senior NFL writer Chris Mortensen is set to pay the former No. 1 overall pick an average of roughly $8 million per season.

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The 49ers had nowhere else to go after Peyton Manning spurned the pressure of winning a Super Bowl by the bay to sign with Denver. Smith had nowhere to go after Miami brought David Garrard off the scrap heap. 

Smith has been with the 49ers since being selected as the No. 1 overall pick in the 2005 draft, ahead of players like Aaron Rodgers, Shawne Merriman and Roddy White.

He struggled for years before his breakout season last year, when he set career highs in passing yards (3,144), completion percentage (61.3), yards per attempt (7.07) and quarterback rating (90.7).

His performance helped the team win its first division title since 2002. 

Head coach Jim Harbaugh has been a staunch supporter of Smith since taking over last year.

He liked what he saw from Smith when they worked out before the season—so much so that Harbaugh made sure the team re-signed him to be the starting quarterback. 

The two worked together to find an offensive scheme that would highlight Smith's talents, while minimizing the complex language and schemes that gave him problems for the first five years of his career. 

After losing to the New York Giants in the NFC Championship Game in January, there were cries from fans and analysts to get this team a legitimate option at wide receiver to help Smith take the next step.

They ended up signing Randy Moss and Mario Manningham in free agency, which suddenly makes the offense look a lot more formidable than it was at the end of the season. 

Smith was always going to be the quarterback for this team.

He has a great relationship with Harbaugh, has stated his desire to stay with the only franchise he has ever known and will be able to put all of the Peyton Manning nonsense behind him. 

All they have to do now is get ready to play the games in September. 

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