Update: Smith's new deal is reportedly three years long and worth $8 million per season. He'll get $9 million guaranteed.

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As expected, the San Francisco 49ers re-signed quarterback Alex Smith. He signed a multi-year contract Tuesday. NFL Network's Michael Lombardi was the first to report that a deal had been struck between the two sides, but particulars of the deal were not immediately known. The Niners flirted with Peyton Manning for a little bit and were left to do some damage control with Smith once signing Manning became unrealistic.

Fantasy Analysis:

Smith is coming off a career year, and the team has done its job in adding weapons around him -- Mario Manningham and Randy Moss . To go along with Vernon Davis and Michael Crabtree , that's a pretty impressive group. But even at his best, Smith is just a game manager who barely topped 3,000 passing yards and scored just 19 total touchdowns. His numbers should increase with the new receivers and as the Niners extend his leash a tad more. But he's still a QB2 for fantasy purposes.