I think the Chiefs basically have to take Geno Smith, if it's even close on their evaluation. They have Alex Smith, so it's not like they would have to rush him in to play. He could spend the year learning and transitioning to the pro game. I look at a draft like 2008 when the Dolphins and Rams both passed on Matt Ryan. Those teams needed QB's at that point. You look through most of the rest of the top 10 and the Chiefs/Jets/Jags should have all tried to trade up to #2 and get Ryan. So many front office people were fired because they missed out on this.
Is Geno as good as Matt Ryan? Of course not, but the risks associated in missing out on a franchise guy far exceed whatever is gained by signing some defensive or offensive linemen. Those guys are available for $$$ every offseason, but stud FA QB's are not. And Geno only costs like 24m/4 years total, which is a manageable figure if he just busts altogether.