He was slated to count $5 million against the Eagles' cap next season.
At wide receiver, the Eagles could turn to 2017 fourth-round pick Mack Hollins to replace Smith in the starting lineup or seek more help at the position when free agency opens next week.
The deal can not become official until the new league year opens Wednesday at 4 p.m.
Numbers wise, Smith may not have put together the kind of regular season he was hoping for after catching just 36 passes for 430 yards with two touchdowns, but also keep in mind he did come up big in the postseason when it mattered the most.
Israeli forces injure 10 Palestinians on Gaza border
Israeli soldiers have killed a Palestinian man during clashes in the occupied West Bank, the Palestinian Health Ministry says. He explained that five people were wounded in eastern Jabalia, one in eastern Gaza city and four others in Khan Younis.
He finished the playoffs with 13 catches for 157 yards and the touchdown. He's also still on his rookie contract, so the Eagles are getting someone with a good deal of experience for a bargain price. With the Panthers, Worley appeared in 31 games over two seasons and amassed three interceptions.
Worley is originally from Philadelphia (William Penn Charter School).
He'll join a crowded secondary with the Eagles that now features Jalen Mills, Ronald Darby, Sidney Jones and Rasul Douglas. The Eagles' new third-down pass rush will have Bennett and Fletcher Coxon the inside, with Derek Barnett and Brandon Graham on the outside.