Has some sort of agreement with Fox that he can actually report the news. His show is usually straight news with little spin.
That said, if the graphs of how little Fox reported this story are true, he must not have total control. I believe if he had his choice he would have weighed in before yesterday. This is the type of story that gets him upset.
And yes, he is paying the bills and making a conscious choice of staying with Fox. He re-upped his contract a year and a half ago in the middle of a few controversial "stories" where he was as usual the only voice of reason on Fox. Like I said he makes a good living and his show is allowed to report the story without repeating the daily talking points. I don't know if I could do it but I guess being a "big fish" at Fox and a few million a year help the medicine go down. 
http://www.huffingtonpost.com/2010/10/26/shep-smiths-fox-news-contract_n_774161.html
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