Editor's Note 4:46pm - It's a 4 year deal.
Smith will be battling for playing time in the various extra DB sub packages the 49ers will be rolling out over the course of the season. When they drafted Tarell Brown last season I expected good things from him, but he didn't have much of an impact. A torn ACL in Week 17 didn't bode well going forward, but it sounds like he's recovered. However, Reggie Smith seems to be getting a little more love in some of the depth charts, although they are certainly very unofficial.
One thing I would like to see if Smith get some time as a return man. The 49ers signed Allen Rossum as a short term solution, but Smith did return work at Oklahoma so maybe he'll get a crack in the preseason