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Torrey Smith 5-year $40 million deal likely offsets Mike Iupati 5-year, $40 million deal for comp picks

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The San Francisco 49ers will need a new left guard, as Mike Iupati has departed for the Arizona Cardinals. We break down comp pick implications.

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The San Francisco 49ers appear to have a wash in the early going when it comes to comp picks. Reports have the team signing Torrey Smith to a 5-year, $40 million contract, with $22 million in guaranteed money. This follows the news that Mike Iupati signed a similar deal with the Arizona Cardinals. Iupati reportedly gets $22.5 million in guaranteed money. Obviously guaranteed money can mean just about anything, whether it be injury guarantees, full guarantees, or what.

Assuming the numbers hold up, that would seemingly cancel out the addition and subtraction for comp pick purposes. The comp pick formula is not perfectly clear, but the general idea is you sort through the gains and losses based on contract value. It is certainly possible there will be other issues to factor in, but I believe they will negate each other.

The 49ers should still end up with a decent haul of draft picks. The team will potentially lose Frank Gore, Michael Crabtree, Perrish Cox, Chris Culliver and Dan Skuta. On the other hand, they have already added one valuable piece in Darnell Dockett, who does not count against the formula because he was cut by the Cardinals. I don't expect the 49ers to add a ton of free agent talent, and thus come away with at least two or three comp picks in the 2016 NFL Draft.