The Raiders could have been in position to release Smith, their starter for a 3-14 team last season, with the expectation that they will make Heisman Trophy winner Fernando Mendoza the No. 1 pick out of Indiana in the draft next month.
Instead, Las Vegas worked out a swap of late-round selections with the Jets, who get a seventh-rounder while giving up a sixth-round choice and reuniting with their second-round pick from 2013.