The Palm Beach Post reported in late December that Smith would "almost certainly" draw the tag if it didn't go to wide receiver Brian Hartline. A team source tells the Miami Herald's Armando Salguero, however, that Smith will not be franchised this month.
Smith's camp reportedly believes the market for the cornerback is similar to the ones that drew $8-$10 million per year for Brandon Carr and Jason McCourty. It's a steep price for a player who struggled against smaller, quicker receivers while allowing more combined first downs and touchdowns than any cornerback in the NFL last season.
Armed with five of the first 82 picks and nine selections overall, Dolphins general manager Jeff Ireland would be better off addressing the position in the first two rounds of this year's draft.Follow Chris Wesseling on Twitter @ChrisWesseling.