According to this he does.
"Depending on what happens with the starting quarterback situation for the remainder of the season, Alex Smith may find himself wanting out. San Francisco could avoid a $7.5 million hit if it decides to release Smith prior to April. A more likely scenario would be Smith being traded to a team currently in need of a starting quarterback. In any event, short of Smith retaining his starting job and leading San Francisco to a Super Bowl, he will most likely create a large salary void under the 2013 cap. "
[ Edited by VA49er on Nov 28, 2012 at 7:42 PM ]