Smith, a native of Georgia, will make $13 million in 2020, 2021, and 2022, according to Bob Nightengale of USA TODAY Sports. The contract also includes a $1-million buyout for 2023.
The Braves will lose their second-highest 2020 draft pick and forfeit $500,000 in international bonus money by signing Smith, according to MLB Pipeline. The 30-year-old reliever was attached to draft-pick compensation after rejecting the San Francisco Giants' $17.8-million qualifying offer before Thursday's 5 p.m. ET deadline.
Smith was going to accept the Giants' qualifying offer if he didn't get a good multi-year deal, according to Joel Sherman of the New York Post.
"My time in San Fran is something I'll take with me forever," he said, according to Henry Schulman of the San Francisco Chronicle.
"Playing at home will be nice because I'll be able to spend more time with family," he added. "I grew up watching the Braves with my dad so it's a special time."
The All-Star closer accrued 34 saves with a 2.76 ERA and an outstanding 13.2 K/9 rate for the Giants in 2019.
The Braves' bullpen finished 21st in WAR last season.