Smith's agent, Drew Rosenhaus, told ESPN and NFL Media on Thursday that his client agreed to an extension worth up to $5 million. The deal includes $2 million fully guaranteed in base salary, a $500,000 signing bonus and $2.5 million in incentives.
The 32-year-old Smith was scheduled to become a free agent at the end of the 2020-21 season after inking a one-year, $3.5 million extension in March. He was having one of his better seasons before rib and shoulder injuries forced him to miss the Ravens' past two games.
Pro Football Focus ranked Smith as the league's eighth-best cornerback through the first 11 weeks of the 2020 season.
In 11 games (five starts) this season, Smith has recorded 27 total tackles, one sack and a pass breakup. A 2011 first-round pick by the Ravens, Smith has totaled 14 interceptions and 73 passes defensed in his NFL career.
Smith's most memorable play in Baltimore came in the Ravens' Super Bowl win over the San Francisco 49ers in February 2013. On fourth-and-goal, he broke up a pass intended for 49ers receiver Michael Crabtree that helped seal the victory for the Ravens.
The Ravens (10-5) conclude the regular season against the Cincinnati Bengals (4-10-1) on Sunday. Baltimore currently is the No. 6 seed in the AFC.