Smith, an outside linebacker from Louisville, was the 26th pick overall after the Eagles traded down from the No. 22 spot. His deal is worth just under $7.8 million with a signing bonus of nearly $4 million, based on the contract signed by last year's 26th pick, Green Bay defensive end Datone Jones.
The 6-foot-3, 250-pound Smith was the 19th first-round pick to agree to a contract.
Under the NFL's collective bargaining agreement, the deal is guaranteed. It also includes a fifth year that can be exercised by the Eagles. The CBA has taken much of the guesswork out of rookie contracts, and has made it easier for teams and their draft picks to get contracts done well before training camp opens.
In Smith, the Eagles hope they have added an edge pass-rusher who can eventually replace Trent Cole as the right outside linebacker. During OTA practices, Cole is still working with the first team.
"It means everything," Smith said, according to the Eagles' website. "I've been waiting on it for a long time, been wanting to sign my contract just to get everything over with. It just feels great to be an Eagle and have no worries and go on the field and do what I do best."