The Colts didn't exactly break the bank in the offseason and pointed to their core as a valid reason for keeping their money in the vault.
NFL Network Insider Ian Rapoport reported the deal is worth $72.4 million in full, including $42 million guaranteed, per a source.
Smith has developed into one of the league's better right tackles, earning a Pro Football Focus grade that placed him in the top 16 at his position, regardless of which side of the line played. With Smith at 25 years-old and entering the final year of his rookie deal, the Colts were well aware of the importance of securing his services for the future, especially after losing left tackle Anthony Costanzo to retirement.
Interestingly enough, Smith's PFF grade (80.1) tied him with Castonzo's replacement, former Chiefs tackle Eric Fisher.
"You're never going to regret paying a great player," Colts general manager Chris Ballard said with a laugh Monday, via the Indianapolis Star. "I don't give a crap what position the guy plays."
With Smith now under team control for the foreseeable future, the Colts have one less question to answer at a key position. Indianapolis can now turn its attention to getting an extension done with linebacker Shaquille Leonard, an even more important part of its young core of contributors.
In other news and notes we're tracking on Wednesday:
- Dallas Cowboys quarterback Dak Prescott suffered a muscle strain in his right shoulder, the team announced. Prescott said in a statement that the issue is not "any kind of serious setback."
- Baltimore Ravens quarterback Lamar Jackson and running back Gus Edwards were placed on the reserve/COVID-19 list after testing positive for the virus. Defensive back Anthony Averett was placed on the non-football injury list.
- Arizona Cardinals defensive end J.J. Watt has been placed on the physically unable to perform list, via the league's transaction wire. Watt didn't practice Wednesday after tweaking his hamstring Tuesday, per team reporter Darren Urban. Deion Calhoun and Rico Gafford were placed on the reserve/COVID-19 list.
- The Atlanta Falcons placed defensive end Dante Fowler on the reserve/COVID-19 list. Offensive linemen Matt Gono and Kaleb McGary, along with defensive tackle Deadrin Senat, were placed on the PUP list.
- Buffalo Bills defensive end Jerry Hughes (calf strain) did not pass his physical and was placed on the active/non-football injury list to start camp, GM Brandon Beane told reporters. Buffalo offensive linemen Ike Boettger and Dion Dawkins are also in the COVID protocols, Beane said.
- The Miami Dolphins restructured linebacker Benardrick McKinney's contract ahead of camp, NFL Network's Tom Pelissero reported. McKinney is now due $3 million with $750,000 in guaranteed money, down from $7.75 million. Miami also knocked off the last two years of McKinney's deal, freeing the veteran up to become a free agent after the season. In all, the Fins save around $4.176 million in cap space. The Dolphins announced the signing of guard Tyler Marz and placed offensive lineman D.J. Fluker, wide receiver DeVante Parker, linebacker Elandon Roberts and WR Preston Williams on the active/physically unable to perform list. They also placed rookie tackle Lamel Coleman on the reserve/COVID-19 list.
- Denver Broncos coach Vic Fangio revealed that linebacker Bradley Chubb (ankle) did not participate in team drills during the first training camp practice, per team reporter Aric DiLalla. Fangio noted that Chubb is still working to get in shape and it will "probably be another couple days before we cut him loose."
- The Las Vegas Raiders placed running back Kenyan Drake on the non-football injury list, and RBs Jalen Richard and Theo Riddick on the reserve/COVID-19 list.
- Free-agent center Austin Reiter is working out for the Houston Texans this week, Rapoport reported.
- The Green Bay Packers are expected to sign veteran offensive lineman Dennis Kelly, pending his physical, Pelissero reported, per Kelly's agent. Kelly, 31, started every game for the Titans last year. Tight end Dominique Dafney was placed on the PUP list.
- The Detroit Lions placed center Evan Brown on active/NFI list and linebacker Jalen Reeves-Maybin on reserve/COVID-19 list.
- The Tennessee Titans added defensive back Briean Boddy-Calhoun and placed defensive back Chris Jones on the reserve/COVID-19 list.
- The Jacksonville Jaguars have placed wideout Jamal Agnew, defensive tackle Taven Bryan and kicker Aldrick Rosas on the active/non-football injury list, the club announced.
- The New England Patriots claimed quarterback Jake Dolegala off waivers from the Packers, Rapoport reported, per a source.
- Philadelphia Eagles tackle Le'Raven Clark and safety Rodney McLeod have been placed on the active/PUP list while safety Andrew Adams, defensive end Matt Leo and linebacker Alex Singleton have been placed on the reserve/COVID-19 list, the team announced. Rookie center Landon Dickerson was placed on the non-football injury list.
- The San Francisco 49ers have signed first-round pick Trey Lance to a four-year rookie contract, which puts all eight of their draft picks under contract. The Niners also announced safety Jaquiski Tartt and wideout Jauan Jennings have been placed on the reserve/COVID list. Kyle Shanahan told reporters that defensive tackle Javon Kinlaw, who underwent offseason knee surgery, did not participate in team drills. Shanahan indicated that the team is going to be cautious with Kinlaw moving forward.
- Chicago Bears coach Matt Nagy provided some health updates on the following players, per NFL Network's Stacey Dales: safety Eddie Jackson is dealing with a hamstring but Nagy noted he's not overly concerned; rookie offensive lineman Teven Jenkins (back tightness) is working day-to-day; OL Germain Ifedi tweaked a hip flexor during a conditioning test; edge rusher Robert Quinn (back) and defensive tackle Bilal Nichols (toe) were limited and are being brought along slowly. Tight end Jake Butt, who turned 26 earlier this month, has been placed on the reserve/retired list. A fifth-round pick by the Broncos in 2017, Butt signed with Chicago in June after an injury-plagued four-year run in Denver. He accumulated 10 receptions for 90 yards and four scores in eight career games played (four starts).
- The Seattle Seahawks announced rookie receiver D'Wayne Eskridge (toe) and running back Travis Homer were both placed on the PUP list, while guard Pier-Olivier Lestage was placed on the non-football injury list. Pete Carroll said safety Jamal Adams and offensive tackle Duane Brown participated in walkthroughs. Both sat out of Wednesday's practice.
- The New York Giants announced the release of receiver-turned-tight end Kelvin Benjamin, as well as the placement of TE Rysen John on the reserve/COVID-19 list.
- New Orleans Saints GM Mickey Loomis said cornerback P.J. Williams and kicker Wil Lutz have been placed on the non-football injury list. Both are dealing with soft tissues injuries that are expected to have a short recovery timeline, Loomis said.
- The Cincinnati Bengals defensive tackle placed Larry Ogunjobi on the PUP list.
- The Carolina Panthers placed defensive tackle Phil Hoskins on the PUP list, and safety Delano Hill and tight end Stephen Sullivan on the reserve/COVID list.
- The Kansas City Chiefs placed running back Darwin Thompson on the reserve/COVID list.
- The Washington Football Team signed defensive end Bunmi Rotimi.