AP

Justin Smith signed his new contract extension without an agent.

And in addition to saving himself the 3 percent commission, he also saved the 49ers more than $4 million in cap space this year.

According to Matt Maiocco of CSNBayArea.com, Smith’s new contract is worth an average of $4.35 million per year for 2014 and 2015, well off the $7.5 million average he was making on his old deal.

While that may be viewed as a reasonable reflection of the market for a guy who’s turning 34 this season (and whose team brought in a bunch of younger linemen), it’s also a steep drop from his previous terms.

The $8 million he was scheduled to make this year was converted into a $6.56 million signing bonus for the purpose of prorating it over the next three years. He’ll also make $940,000 in base salary with a $500,000 workout bonus and a $100,000 roster bonus. That keeps his 2013 compensation consistent with what it already was.

In 2014, he’s due to make $4.55 million ($3.15 million base and a $1.4 million roster bonus), with a $2.65 million in base salary and a $1.4 million roster bonus in 2015.

Of course, he may not play that contract out, in which case he simply helped the 49ers clear some room in the short term.