Smith will be making his third Pro Bowl appearance and join teammates Kareem Hunt, Travis Kelce and Tyreek Hill in the game on Jan. 28.
The 33-year-old Smith set career highs in passing yards (4,042), touchdowns (26) and passer rating (104.7) during the 2017 season. He was talked about as a possible NFL MVP candidate after a fast start before the Chiefs dropped six of seven to effectively end that conversation.
Smith completed 24 of 33 passes for 264 yards and two touchdowns in last week's 22-21 loss to the Tennessee Titans in the AFC wild-card round.
Rivers, 36, completed 360 of 575 passes for 4,515 yards with 28 touchdowns and 10 interceptions this season.