The Kansas City Chiefs have agreed to trade quarterback Alex Smith to Washington, the Kansas City Star reported Tuesday night. The NFL’s trade deadline has passed, so the deal won’t be official until the league’s new year begins in March.

However, a new four-year deal for Smith in Washington has already been reached, according to Adam Schefter. That new contract for Smith is staggering and makes him one of the highest-paid quarterbacks in the NFL.

The #Redskins gave QB Alex Smith a 4-year extension worth $94M, source said. He gets a whopping $71M in guarantees. — Ian Rapoport (@RapSheet) January 31, 2018

Only Matthew Stafford, Derek Carr and Andrew Luck enter 2018 with a higher average salary.

The trade is expected to net the Chiefs a third-round pick and cornerback Kendall Fuller.

In Alex Smith trade, Chiefs will receive third-round pick And CB Kendall Fuller, per @FieldYates. So there’s the trade. — Adam Schefter (@AdamSchefter) January 31, 2018

Fuller was apparently not made aware of the trade until after it hit the news cycle.

Nahh its not me.. I don’t thinkk



Lol im on here tryna find out just like yaa — Kendall Fuller (@KeFu11er) January 31, 2018

Mannnnn im safe! I ain’t get traded — Kendall Fuller (@KeFu11er) January 31, 2018

Kendall Fuller is now telling his teammates that he is headed to the Chiefs in the Alex Smith deal. He was one of the last people to find out. #Redskins — Grant Paulsen (@granthpaulsen) January 31, 2018

Me on Twitter after tweeting all that then finding out i got traded! pic.twitter.com/YHhCzzcsZj — Kendall Fuller (@KeFu11er) January 31, 2018

The Chiefs will save a significant amount of salary cap space, clearing $17 million by moving on from Smith.

Acquiring Smith almost certainly means the end in Washington for Kirk Cousins, who’s due to hit free agency in March. Cousins has played the last two seasons under an increasingly expensive franchise tag, and Washington hasn’t been able to sign him for the long term.

Related Kirk Cousins has plenty of free agency destinations after the Alex Smith trade

In 2017, Smith threw 26 touchdowns with just five interceptions. He completed 67.5 percent of his passes with a career-best 104.7 passer rating. In Washington, Cousins threw 27 touchdowns and 13 interceptions, with a passer rating of 93.9.

Smith has been traded once before. After seven years playing for the San Francisco 49ers, the former No. 1 overall draft pick was traded to Kansas City before the 2013 season. Smith was a significantly more efficient passer in five seasons in Kansas City than he was in seven in San Francisco, and he’s made the playoffs four times in five years there.

When Smith was last traded, he fetched the 49ers two second-round draft picks.

Trading Smith means Patrick Mahomes, the Chiefs’ first-round draft pick in 2017 out of Texas Tech, will take the reins as the team’s starter of the future.