I wouldn't guarantee Smith $28M +/- $3M* for 2025 and the bulk of a prospective $35M for 2026, even with an option at $35M for 2027. I don't think he's a likely top 12 QB. Good teams with sensible GMs don't lock themselves into mediocre, or worse, QBs for 2+ years. Teams that do, such as the Jets, Giants, Browns, etc, underachieve and fire those GMs. There is a big gap in pay between the top 16-18 QBs and the QBs outside the top 22. There is a reason why Smith is in that gap. Let's put it this way - if any other team was willing to pay Smith circa $35M they would have traded for his $22.5M contract before May 2024. There is no need, or financial benefit, in rushing into an extension. It would make sense to wait and see what the market is like for Darnold and Dan Jones. That will better indicate what Smith is worth.
* Smith is due $25M in 2025 but he has 3 performance escalators he could achieve in Week 18. Each target met would raise his non-guaranteed base salary by $2M.