Linebacker Malcolm Smith has restructured his contract with the 49ers, according to Mike Garafolo of NFL.com (on Twitter). Previously, Smith was set to earn $3.75MM in 2019 with a cap hit of roughly $5.4MM. Details of the new deal are not yet known. 
The Super Bowl XLVIII MVP first joined the Niners in 2017, but lost his entire first season to a torn pectoral muscle. Last year, he amassed just 35 tackles and one pass defensed in 12 games (five starts). His Pro Football Focus grade of 63.4 was an improvement over his 2015 and 2016 showings with the Raiders, but placed him as the 53rd best linebacker in the NFL, according to Pro Football Focus.
Smith seems likely to stay put for the 2019 season, but the Niners could move on from him next offseason without much penalty. Smith’s original deal calls for a $6.1MM cap hit in 2020, but the 49ers can drop him with just $2.8MM in dead money.