The Patriots and Smith agreed Friday to convert $7.97 million of his base salary into a signing bonus, Field Yates of ESPN reports.

EDGE Analysis

New England frees up $5.31 million in salary cap for 2022 with the move. Smith is heading into his second season with the Patriots, and he's primed to once again form a duo at tight end with Hunter Henry. Last season, Henry set the pace at the position with 75 targets as opposed to Smith's 45, but the team could employ more two-TE sets in 2022 now that there isn't a true fullback on the roster.