In any event, look at it this way: Smith is going to get cut (no one will trade anything substantial for the last two years of that contract) and the dude is gonna get paid, considering how many teams are desperate for quarterbacks. Look at the paydays that Matt Cassel and Kevin Kolb are getting, for Christ's sake.
Who's desperate for quarterbacks of Alex Smith's caliber this year (especially teams that weren't interested in Alex Smith LAST year)?
Just looking at the teams that have poor quarterback play: Arizona didn't want Smith last year. Miami is set with Tannehill. The Jets are stupidly set with Sanchez/Tebow (all while Greg McElroy sits 3rd string and wasn't even on the active roster on Thanksgiving... stupid Jets). Cassel as you say is set.
I just don't see another team wanting Alex Smith for a starting role.