"I think (the Chiefs are) committed to me through this year," Smith said on Wednesday, via ESPN. "That's just the nature of it. If you don't go out there and perform, I mean, coach (Andy) Reid and (quarterbacks coach Matt Nagy) are very honest. You've got to go out there and do your deal. We all have to.
"Whether or not we drafted Patrick, it doesn't change that, right? If you're not good enough and didn't get it done, you're not going to be around long. That's just our culture. I know it. That's the nature of the position."
Kansas City traded away the 27th overall pick, its first-round selection in 2018 and a third-rounder this year to the Buffalo Bills in order to move up to 10th to take Mahomes.
The scenario is a familiar one for Smith, who saw the San Francisco 49ers draft Colin Kaepernick in the second round in 2011. Midway through the following season, Kaepernick replaced Smith as the starter and the latter was traded to the Chiefs following the campaign.
"I've been through it," the 33-year-old Smith said. "I'm in a different place than the last time I kind of dealt with something like this, (but) I get it, right? If any of us were the GM, this in my opinion might be the most important position in all of sports. You'd be crazy not to be stockpiling talent.
"So I get it, going into Year 13. You understand it. At the same time, it doesn't change my focus, right? I still feel I've got a lot of years left in me. I still feel like I'm getting better, to be honest with you."
Mahomes threw for 5,052 yards, with 41 touchdown passes and just 10 interceptions, during his final season at Texas Tech.
Over his three seasons in Lubbock, Mahomes played in 32 games, with 29 starts, and threw for 11,252 yards, 93 touchdowns and 29 interceptions. That plus-64 difference definitely caught the Chiefs' attention, as did his career 63.5 completion percentage.
Mahomes becomes the first quarterback selected by the Chiefs in the first round since 1983, when they picked Todd Blackledge at No. 7 as the second quarterback taken in that legendary draft with six first-round passers. Three went to the Hall of Fame: John Elway, Jim Kelly and Dan Marino.