DeVonta Smith contract was another Howie Roseman masterclass

Following a disappointing 2023 campaign, the Philadelphia Eagles entered the offseason with the financial freedom to bolster their roster. General manager Howie Roseman took advantage of the $43 million in salary cap space by signing star running back Saquon Barkley, defensive end Bryce Huff, and safety Chauncey Gardner-Johnson, among others.

The Eagles are doing two things that the Dallas Cowboys were expected to do this offseason: paying their star wide receiver and going all in.

Unlike their divisional rival in Dallas, Philadelphia didn't wait to sign their star wideout to a contract extension. The Eagles signed wide receiver DeVonta Smith to a three-year, $75 million contract extension. The deal locks in the young star before upcoming deals across the league spike the wide receiver market.

The investment in Smith puts the Eagles in uncharted territory: Philadelphia now boasts two of the five highest-paid wide receivers in the league. Smith and A.J. Brown combine for a contract value of $175 million. Both of their deals are averaging $25 million per season, and no other team has two receivers ranked in the top 10 in average annual salary, per Spotrac.

Eagles built high-paid offense and still have cap space to spare

After Smith's contract, Philadelphia has one of the highest-paid offenses in the league. The Eagles have the fourth-highest-paid quarterback, running back, wide receiver, and offensive tackle. They also have the fifth-highest-paid wide receiver, offensive tackle, and tight end. To top it off, they have the highest-paid guard in the league as well.

Yet, despite the monster signings and contracts, the Eagles still have roughly $28.7 million in salary cap space.

How is that possible?

Smith will still have a $6.4 million cap hit since his extension doesn't begin until after the 2026 season, and the Eagles have 52 players signed to contracts through the 2025 season. No other team has more than 44 players signed through 2025, and only four teams have more than 40 players signed. That allows Philadelphia to backload some of the cap figures on their roster.

The Eagles have just $4.6 million in salary cap space for 2025 — fifth-least in the league. They currently have the second-least cap space in 2026 and the least amount of cap space in 2027. Those standings are bound to change once other teams start signing more players, but the Eagles will still have to make some tough decisions in the upcoming years.

Brown carries a cap figure of $12.2 million in 2024. That number will skyrocket to $26.5 million in 2025, but he has no guaranteed money remaining on his contract after this season. The Eagles will have to decide if they want to extend, restructure, or release Brown after the 2024 season.

Philadelphia lost both their offensive and defensive anchors in center Jason Kelce and defensive tackle Fletcher Cox, but they'll be able to infuse their roster with young blood through the 2024 NFL Draft. If Roseman can get those picks right, it could help offset the costs of the team's massive contracts. After all, that's how the San Francisco 49ers managed to get away with their own league-leading contracts.

For now, the Eagles have stockpiled enough weapons for quarterback Jalen Hurts to go to war against any defense in the league.

Smith has missed only one game due to injury since he was selected with the No. 10 overall pick in the 2021 NFL Draft. Smith has compiled 2,262 receiving yards and 14 touchdowns while playing alongside Brown in the last two seasons.