Kansas City Chiefs quarterback Alex Smith believes that his new contract at the club is fair to both parties.

The 30-year-old penned a four-year deal with Andy Reid's side worth a reported $68m (£40.9m), with $45m (£27m) of the contract guaranteed.

Smith has admitted that he didn't want to take up too much of his side's space on the salary cap in order to keep enough quality players around him.

"For me, again, it was something fair both ways," Smith told reporters. "As a quarterback, you certainly don't want to hamstring your team in any way because, I know this more than anyone, you rely so heavily on those playmakers around you.

"So you certainly don't want to do anything like that, but at the same time, you do want something that's fair."

The Chiefs open their 2014 campaign against the Tennessee Titans on Sunday.