The Kansas City Chiefs beat the deadline to sign franchise-tagged guard Trey Smith to a multiyear contract by agreeing to terms on a $94 million deal, according to a person with knowledge of the move.

According to CBS Sports NFL insider Jonathan Jones, the Chiefs' star right guard is signing a four-year, $94 million extension that includes $70 million guaranteed. Smith's new AAV of $23.5 million makes him the highest-paid offensive guard in the NFL.

Smith’s new deal, at $23 million per year, also guarantees him $70 million. The 26-year-old Smith becomes the highest-paid guard in NFL history, topping Philadelphia’s Landon Dickerson, who was extended last year at four years and $84 million on a contract with a $21 million average annual value.