Torrey Smith contract: Cap numbers come into perspective for 49ers

The San Francisco 49ers signed Torrey Smith to a 5-year, $40 million contract on Tuesday, and we now have some specifics, courtesy of cap analyst and former agent Joel Corry.

The initial reports had the 49ers giving Smith $22 million in guarantees, but as expected, they are not as guaranteed as one would think. He received an $8 million signing bonus, and had $750,000 of his 2015 salary fully guaranteed. The remaining $13.25 million is guaranteed for injury right now. That $13.25 million includes $4.5 million base salary in 2016, $6.5 million base salary in 2017, and $2.25 million of his $6.5 million salary in 2018. Each of those injury guarantees become fully guaranteed if Smith is on the roster as of April 1 each year. Those are the "rolling guarantees" we frequently discuss with regard to the 49ers way of doing business.

Smith will receive $500,000 in roster bonuses each season, paid for each game he is on the 46-man active roster. That comes out to $31,250 per game. Smith also has workout bonuses of $750,000 in 2015, and $1 million in 2016 through 2019. According to Corry, Smith's guarantees will be reduced by a maximum of $4.25 million depending on how much of the workout and roster bonuses Smith earns from 2015 to 2017.

Here is a full rundown of Smith's contract figures:

Signing Bonus: $8,000,000

2015

Base: $750,000
Roster Bonus: $500,000
Workout Bonus: $750,000
Cap figure: $3,600,000

2016

Base: $4,500,000
Roster Bonus: $500,000
Workout Bonus: $1,000,000
Cap figure: $7,600,000

2017

Base: $6,500,000
Roster Bonus: $500,000
Workout Bonus: $1,000,000
Cap figure: $9,600,000

2018

Base: $6,500,000
Roster Bonus: $500,000
Workout Bonus: $1,000,000
Cap figure: $9,600,000

2019

Base: $6,500,000
Roster Bonus: $500,000
Workout Bonus: $1,000,000
Cap figure: $9,600,000