Chase Daniel was appreciated by the Saints, and they wanted him to stay. With just having given Drew Brees a 100 million dollar contract, there was no way there was going to be a true competition for the starting QB job.
They also knew that he could command much bigger dollars than he was getting as a newly unrestricted free agent.
Fans seemed to appreciate his professionalism and abilities, and they believe he will start somewhere.
I think this was a super signing. The more I look at it, the more I like the smartness of the new regime for the Chiefs. There really wasn't a home run quarterback available by trade, draft or signing, so they got a solid guy in Smith who was a starter and a great backup who can step in immediately and compete for the starting role.
Add in the home state excitement of a Mizzou grad and this looks more and more like a smart football and PR move.