Carolina Panthers Free Agency: Steve Smith Reportedly Signs 3-Year Extension

Longtime Panthers wide receiver Steve Smith, who had a revitalized 2011 with Cam Newton as his quarterback, has agreed to a three-year extension with the team, according to a report from Pro Football Weekly. 

While financial details remain uncertain at this point, it is believed that the new deal will pay Smith comparably to the contract Reggie Wayne recently signed to re-join the Indianapolis Colts (incidentally, both players were drafted and have played for their respective teams since 2001). 

Smith was tremendous in 2011, racking up 79 catches for 1,364 yards and seven scores while earning a Pro Bowl nomination. He and Newton tag-teamed to form one of the best deep-threat pairings in all of football, with Smith catching four passes of 50-plus yards last season.

At just 5'9" and 185 pounds, Smith has long been among the fastest and toughest wide receivers in all of football.  He has proven to be very durable in the latter portion of his career, missing just eight games in the previous seven seasons.

The Panthers scored a double bonus in inking their top receiver to a new pact, as Smith's deal will also afford the team—which was previously less than a million dollars under the cap—some financial flexibility.  His cap number for 2012 was scheduled to be $10.713 million prior to the extension, although that figure is expected to drop under his parameters.

In Smith, the Panthers retain their explosive veteran for three more seasons and provide a mentor for a young receiving core.  The Panthers drafted former LSU star Brandon LaFell during the 2010 draft and are confident that he will show dramatic improvement in his third year as a pro. It is also possible that the team will explore receiving options in the upcoming draft.

Carolina finished 6-10 in 2011.