The Washington Redskins will formally announce a four-year, $94 million contract extension for quarterback Alex Smith on Wednesday, according to NFL Network's Ian Rapoport:

On Jan. 30, the Redskins acquired Smith in a trade with the Kansas City Chiefs, sending a third-round pick and cornerback Kendall Fuller the other way. With star quarterback Kirk Cousins leaving Washington and set to find a new home in free agency, getting Smith under contract is a priority for Washington.

The league's official new year doesn't begin until Wednesday, which is when the trade will be official, all whilst allowing the Redskins to hand him the massive extension.

Despite being named to his third Pro Bowl in 2017 while setting career bests in touchdowns (26), and receiving yards (4,042), the Chiefs decided it was time to move on from Smith and roll with 2017 first-rounder, Patrick Mahomes.

In his five years with the Chiefs, Smith led them to the playoffs four times, and registered winning seasons in each year. But Smith only led Kansas City to one playoff win, and their meltdown against the Tennessee Titans in this year's AFC Wild Card Round was the final straw.The Chiefs also traded away cornerback Marcus Peters and cut perennial Pro Bowlers in Darrelle Revis and Tamba Hali. It's clear the front office felt the need for a massive overhaul, and Smith's departure led the way.

For the Redskins, a change was also needed after missing the playoffs for the fourth time in five years. With Cousins set to earn a massive contract elsewhere (the Minnesota Vikings, Denver Broncos, Arizona Cardinals and New York Jets are the reported favorites), Washington will bring in Smith to try and turn this team's fortunes.

The goal now will be for Washington to supply Smith with some big receiving options. Free agency begins Wednesday, so they'll have the perfect opportunity to do just that.

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