This paper presents a control strategy to face time-varying delays induced in a Networked Control System (NCS). The delay is divided into two parts: the largest one (an integer multiple of the bus cycle) is compensated by means of an adaptive multi-rate Smith predictor, and the smallest one (whose value is strictly smaller than the bus cycle) via a gain scheduling approach based on root locus contour and linearization techniques. The gains to be scheduled belong to a multi-rate PID controller. Control system stability is studied by means of Lyapunov theory. Simulation results and the implementation on a test-bed Profibus-DP environment illustrate that this control structure can maintain NCS performance and stability, despite the considered delays.