His signing is the first NFL contract negotiated by Roc Nation Sports, the agency started by Jay Z, even though rookie contracts are mostly predetermined based on draft position.
Smith was No. 39 overall and will get roughly $5 million over four years. Smith was expected to be a first-round draft pick and earn $12 million, but was pushed to the second round late that night.
His signing comes the same day rookies are expected to show up for training camp in Cortland, N.Y.
During the season, he will be up against Mark Sanchez for the job of starting quarterback.