Today's FanHouse Installment of Why Alex Smith Has Been a Monumental Bust

It's a fair question, even if it's been asked too many times to count since the 49ers used the first-overall pick of the 2005 draft to select quarterback Alex Smith, but here we are: is he a bust yet?

That's not the headline of Nancy Gay's column in today's San Francisco Chronicle, but she gets right to the point when she writes that Smith, currently somewhere on the depth chart behind journeyman J.T. O'Sullivan, isn't ready to be an NFL backup quarterback. Too bad it might not be up to him.

O'Sullivan was the surprise starter for the 49ers first preseason game, less so a week later, and now, as San Francisco approaches its third contest, it's almost expected. Whatever happens, O'Sullivan isn't interested in looking beyond the next game. "This is everyday. This is my job, to get ready for Thursday. If I let myself get caught up in stuff I can't control, like who plays Sept. 7, I'm letting my performance be affected on Thursday."

But as Gay points out, if Smith gets demoted, it'll be a salary-cap nightmare.

The 49ers exercised a $12 million buyback clause in Smith's contract in March, extending the 2005 No. 1 overall pick's deal through the 2010 season. That's guaranteed money the franchise can't get back. For what likely will be a second-string player. ...

At some point, the franchise has to consider the collateral damage resulting from what would be a colossal error in financial judgment.

So, basically, same [poop], different day in San Francisco: Smith has underwhelmed and he might lose his job, blah blah blah. Got it. Forgotten in all this is Shaun Hill. Wasn't he supposed to be the favorite to supplant Smith when '07 ended? Has he been that bad during training camp?