Smith’s agent, Joe Panos, told 105.3 The Fan on Friday that the option has not been picked up yet but “they told me it’s going to happen.” A source indicated Thursday that the Cowboys had already exercised the option, like teams had done earlier in the day with other first-round picks from the 2011 draft, like Houston’s J.J. Watt.
Once the Cowboys pick up the option, Smith will earn $10.039 million in 2015, but it would not preclude the team and Smith from working out a multi-year deal, which is the hope. The 2015 base salary is guaranteed for injury and would become fully guaranteed if Smith is on the roster the first day of the league year in 2015.
The Cowboys took Smith with the ninth pick in the 2011 draft, and he has missed just one game in three seasons. He played right tackle as a rookie before moving to left tackle in his second year. He earned his first Pro Bowl appearance last season.
Under terms of the collective bargaining agreement, the Cowboys have to pay Smith the transition tag money due to offensive linemen in 2014 ($10.039 million) because he was a top-10 pick. The Cowboys had to pick up the option by May 2 or Smith would have become an unrestricted free agent after the season.
Smith, who does not turn 24 until December, is considered one of the best offensive linemen in the game. The Cowboys want to sign Smith to a long-term deal and have made him a priority, as well as wide receiver Dez Bryant, whose contract expires after the 2014 season.
Smith signed a four-year, $12.496 million deal in 2011 that was fully guaranteed and included a $7.588 million signing bonus.