Report: Chiefs to acquire Alex Smith

According to Jay Glazer, the not-so-mysterious mystery team said to be acquiring Niners QB Alex Smith is indeed the Chiefs.

Reports on the compensation heading to San Francisco is varying wildly - Tim Kawakami says it's a second-rounder this April and a "similar pick" next year, while Jason La Canfora continues to expect that it's a more modest third- or fourth-rounder.

Like Kawakami, Adam Schefter is hearing the trade will include multiple picks, although he doesn't suggest which rounds they'll be from.

Jeff Darlington frames them as "two big draft picks"; John Clayton reports it's a second-rounder this year, and a conditional mid-rounder next year.

Whatever the truth is, we won't know for sure until at the earliest 4pm ET on March 12, when the 2013 league year, free agency, and trades all commence.

Smith is due a $7.5M salary in the second season of a three-year deal signed with the Niners a year ago; that figure becomes guaranteed on April 1. He's also due a $1M roster bonus, $1.25M in Likely To Be Earned incentives, and a $250K workout bonus.

The former top-overall pick will also draw a $7.5M salary in 2014, but it's unclear whether he's expected to work out a new deal with the Chiefs as part of this trade. According to Clayton, Smith will play under his existing contract.

Kansas City figures to release incumbent starter Matt Cassel, who is also due a $7.5M salary but no guarantees. Cutting the former USC backup would leave the Chiefs with $3.95M in dead money on their 2013 cap.

Reports of a deal are prompting speculation that the Niners may end up with the ammo to go after CB Darrelle Revis, whom the LOLJets were reportedly actively shopping at the combine in Indy this week.

Prior to the expected trade, the Niners already possess a staggering arsenal of 11 picks for April's draft.

If, indeed, the trade is consummated, and it's for two second-rounders or similar, then this is quite a coup for the Niners, and would explain why they are apparently ready to close the bidding for Smith with so much time before the league calendar flips.

Updated 1:10pm ET

Doug is IAOFM’s resident newsman and spelling czar. Follow him on Twitter @IAOFM