Entering the final year of his deal, Peters will now earn $51.3 million over the next five years with $19.55 million guaranteed, according to ESPN's Adam Schefter.
Not as much as you would think, in my opinion.
Smith's deal should be much bigger than this whenever the Cowboys decide to sign their Pro Bowl left tackle to an extension. The Cowboys hold a fifth-year option on Smith's contract, which they must exercise by this spring.
The option is new to the collective bargaining agreement and will bring a whole slew of questions for teams and agents as they attempt to work out new deals.
The contract that Smith might be closer to matching is the seven-year, $84 million deal Joe Thomas received from the Cleveland Browns in 2011. That deal included $44 million in guaranteed money. Thomas, who many consider the best tackle in football, was 26 when he signed.
Smith does not turn 24 until Dec. 12. He is coming off his first Pro Bowl appearance. He had his best season. He has fully acclimated to the left tackle spot after playing right tackle as a rookie in 2011. It is rare to find a player of Smith's age and ability who is closing in on free agency. He was 20 when the Cowboys picked him ninth overall.
Smith could be so good that he cashes in twice. Peters is 32 and received an extension that averages $10.26 million. Depending on the length of the deal Smith signs with the Cowboys, he could receive a second bite at the free-agent apple in his early 30s. Tackles can play well into their 30s. Flozell Adams was making Pro Bowls in his 30s while with the Cowboys.