Smith Restructures in San Fran.

Alex Smith, the former number one overall pick of the 2005 draft has definitely not lived up to his draft status and the huge contract that accompanied such a spot. He was scheduled to make $24.6 million in the final two years of his rookie contract, a price that San Francisco was not willing to pay.

So in order to remain in San Francisco, Smith has agreed to restructure his contract, according to a source, Smith will make $4 million a season in 2009 and 2010, in addition to base salaries that weren't immediately made known.

"We have reached an agreement with Alex and his agent to keep him as a member of the San Francisco 49ers," general manager Scot McCloughan said in a statement. "Alex expressed a deep interest to remain with the team and that feeling was mutual."

Smith, a 4-year pro is only 24 years old, and received interest from several teams, most of whom were willing to pay more than the 49ers, but Smith insisted that he wanted to remain in San Fran.

"I don't measure myself in my contract in terms of what I'm making," said Smith, who missed most of the past two seasons because of shoulder injuries. "Having gone through what I've gone through the last couple of years, and being on the sideline, I guess I've got a different perspective on this game. When it came time to restructure the contract, it wasn't anything to do with ego. I just wanted the chance to compete."

His best season may have been in 2006, when he completed 257 of 442 passes for 2,890 yards, with 16 TD's while tossing 16 INT's. Smith has never really been given a chance to succeed because of the carousel at offensive coordinators, Smith has had a new one in each of his four seasons.