What is this continuing fascination with the undersized, inaccurate, 5th round pick? In his one game against a foe who gave a shit about the outcome of the game (Seattle), he was minus 10 yards passing, conceding the game to an unimpressive contender. His preseason was poor. Why the man-love?
Smith is here for one reason: his dirt cheap salary for '08 and '09. Add a low tender in '10: it's doubtful that another team will match it -- no one wanted him in the draft and he's done nothing to demonstrate that he's anything more than a fifth rounder. There should be enough cap savings by retaining Smith over the next 2 1/2 seasons (compared to the market value of NFL backups) to fund a starter or two.
Ozzie has to make amends for the over-inflated contracts to McNair and McGahee. Keeping Smith is one way to make a positive dent.