According to Bengals.com, some of the terms of the deal have also been detailed:
They are apparently close to a deal with a different structure that is going to be a compromise. Smith, at No. 6, sought a deal bigger than No. 7. The Bengals wanted a deal more in line with the rest of the first round. Indications are the structure would give Smith a bigger deal than what Jacksonville tackle Eugene Monroe signed at No. 8. That's a five-year deal that is somewhere between $28 and 32 million.