According to ESPN's Adam Schefter, the two-year extension is worth $31.8 million and will keep him under contract through 2023.
Schefter added that Smith's contract has $30 million in guarantees over the next two seasons, and by the time his contract expires, he will have collected $57 million in guaranteed money since initially signing a three-year extension in 2019.
Ever since getting selected by the Bucs with the No. 34 overall pick in the second round of the 2015 NFL draft out of Penn State, Smith has been a stalwart at left tackle.
Smith has missed just two games in his NFL career and has started all 94 games he has appeared in over the past six seasons.
The 27-year-old veteran played a big role in quarterback Tom Brady's success during his first season as a Buc, as Brady was sacked just 21 times during the regular season, which was tied for his second-lowest total over the past 11 seasons.
With Brady under center, the Buccaneers went 11-5 during the regular season, reached the playoffs for the first time since 2007 and beat the Kansas City Chiefs 31-9 in Super Bowl LV, giving them their first Super Bowl win since the 2002 season.
Now, the Bucs are running it back by re-signing many of the key players from last year's team who were set to become free agents this offseason or in the near future.
Schefter listed many of the big names who the Buccaneers have extended or re-signed this offseason following Smith's extension:
The Bucs will have continuity throughout the roster next season, but that is especially true along the offensive line.
Starters Smith, Ali Marpet, Ryan Jensen, Alex Cappa and Tristan Wirfs are all under contract for next season, meaning Brady will have familiarity with the big men tasked with protecting him.
Bucs general manager Jason Licht has put on a master class this offseason in terms of how to keep a winning squad together, and the extension of Smith is just the latest in a long line of moves made with an eye toward winning multiple Super Bowls.