The longtime Vikes safety agreed to a restructured deal that pays $8 million with $2 million in incentives for 2023, NFL Network Insiders Ian Rapoport and Tom Pelissero reported.
Smith was one of several potential cut candidates for the cap-strapped Vikings this season. He was due a $14.7 million base salary with a $19.13 million salary cap hit before the restructuring. Smith had three years left on his deal, and it's unclear at this point if the new contract adjusts 2024 and 2025.
The former first-round pick has played his entire career with the Vikings, earning six Pro Bowl nods while generating 34 INTs, 16.5 sacks and 946 tackles. In 14 games in 2022, Smith collected five interceptions and 85 tackles.
While the 34-year-old's range might not be what it once was, Smith still has a nose for the football and owns versatility that should play well in the scheme Brian Flores brings to Minnesota.