Finally, it is a done deal. 

The San Francisco 49ers have reportedly traded Alex Smith to the Kansas City Chiefs for a second-round pick (34th overall) in the 2013 NFL Draft. While other parameters of the deal, which cannot be made official until mid-March are still leaking out, it appears that the 49ers have also acquired another pick the 2014 draft from Kansas City in the deal. 

It isn't clear who broke the news. ESPN gave initial credit to FOX Sports, so we will go with that. 

As it relates to future compensation, Tim Kawakami of The San Jose Mercury News, is reporting that San Francisco received a third-round pick in 2014 that could turn into a second rounder if the Chiefs win a certain amount of games. If so, that would be a major haul for the 49ers, who already possessed the most picks of any team heading into the 2013 draft. Coming off a Super Bowl appearance, San Francisco now has five picks in the first three rounds with compensatory selections (possibly another third) set to be announced next month. 

The trade also saves them about $9 million against the cap. 

As it relates to Kansas City, this is a solid deal for a franchise in need of new blood at the quarterback position. Matt Cassel has been informed that he will be released, which was nothing more than a procedural move at this point. Smith gives Andy Reid a shiny new quarterback, still under the age of 30, to work with. The former Philadelphia Eagles' head coach runs a version of the west coast offense, which Alex ran for multiple seasons in San Francisco. In addition, his salary is pretty decent for an above-average starting quarterback in the NFL. 

New general manager John Dorsey had to find a quarterback on the veteran market due to the fact that there really aren't any true "franchise-type quarterbacks" in the '13 draft like we saw last April with Andrew Luck and Robert Griffin III. Even with the new rookie wage scale, which makes it easier for teams to reach for a quarterback atop the initial round, acquiring Smith for a second-round pick in 2013 and third-round pick in 2014 represents more bang for their buck. 

Smith now joins a Chiefs' offense that seems to have the parts in place. Jamaal Charles is among the most electrifying running backs in the league. The acquisition of a true starting quarterback may also help the Chiefs retain No. 1 wide receiver Dwayne Bowe. They also have to worry about pending free agent Branden Albert. 

As it is, Kansas City still possesses the first overall pick in April's draft  and could go for another solid offensive tackle, Luke Joeckel, to create a firewall between opposing defenses and its new quarterback. 

For his part, Smith has been one of the most consistent quarterbacks since the latter part of the 2010 NFL season. He has thrown 38 touchdowns compared to 11 interceptions and compiled a 20-6-1 record in 27 starts since mid-October of 2010. In addition, Smith led the league with a 70.2 completion percentage and was third to only Aaron Rodgers and Peyton Manning with a 104.1 rating in '12 (didn't qualify in either statistic due to lack of playing time). 

This is a good move for both sides. San Francisco continues to stockpile draft picks to build one of the deepest and youngest teams in the NFL, while keeping its eye on the ultimate prize of a Super Bowl Championship. Meanwhile, Kansas City gets a quarterback that it needed desperately. 

Nick Slegel and I will be covering this breaking news and more on eDraft Sports Radio coming up at 3 PM ET today.