The San Francisco 49ers are releasing veteran linebacker Malcolm Smith, according to Mike Garafolo of NFL Network.
The #49ers are releasing veteran LB Malcolm Smith, sources say. After two seasons with the Niners, he'll be available to sign elsewhere immediately. Could be some interest for a team needing experience and depth.
— Mike Garafolo (@MikeGarafolo) August 27, 2019
Update: The 49ers officially announced the move, along with the signing of wide receiver Nick Williams, minutes after Garafolo's report.
The 49ers initially signed Smith to a five-year deal on March 9, 2017, worth up to $26.5 million. He was due $3.75 million in 2019 but restructured his contract, which essentially became a one-year deal, this offseason to remain with the 49ers. The remaining years on the deal voided on March 17.
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The Seattle Seahawks made Smith a seventh-round selection out of USC in 2011. He registered 35 combined tackles and a pass defensed through 12 games and five starts with the 49ers in 2018 but struggled to stay on the field due to an Achilles injury. That was after Smith missed the 2017 season after sustaining a torn pectoral muscle during training camp of that year.
Smith has recorded 390 combined tackles, six sacks, 17 passes defensed, four interceptions, a touchdown, and eight forced fumbles through his seven NFL seasons. He also spent time with the Oakland Raiders during his professional career.
Smith's 2019 salary cap hit would have been $5.54 million. The 49ers incur a cap hit of $4.2 million with his release, which computes to a net savings of $1.34 million after the linebacker's release, per OverTheCap.com.