PhyZix, o gosh no no ! You do not have to open app. package! Simply have it siting there in Applications folder under your account. Just like iTunes or Safari. Let it be there and dont go opening its content with right click or however you did it.
Now just run the smcFanControl app. , its gonna pop up in top bar and give you readings.
Next step is open the Terminal app. that you can find in your Utilities folder
Now this is with like oldstlyle chalk board icon with arrow and underline , you cant miss that.
When Terminal app is opened you gonna get dialog pad with some numbers and your account name spelled out followed by bold gray vetical box.
Now just copy the path /Applications/smcFanControl.app/Contents/Resources/smc -k F1Mx -w 2af8 and press ENTER
The magic begins!!! the fans will slow down to 2700 rpm!
IF only you go and replace last 4 characters in that command line with 12c0 and press ENTER your fans will slow down to 1200 rpm!!!!!!! AWESOME
Note this! Everytime imac goes to sleep, or you log out, restart..... YOU NEED TO REPEAT THIS ACCTION!!!!
Finally what worked for me also is canceling use of Airport for internet connection and the fans never came up again and no command line action was required anymore
Its EASY and it WORKS!!!! Enjoy