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The same agency that represents New England Patriots tackle Sebastian Vollmer, CAA, represents Smith. Vollmer wound up signing a team-friendly deal that was based on a lot of incentives in which Vollmer has to stay healthy. Smith's offer presumably is worse or his agents would have just signed right now.
CAA is learning that leverage works both ways. Smith's on-field play in 2012 probably is "worth" more money than the Bengals have offered, but his uneven motivation and struggles early in his career might be scaring other teams away. Teams probably are afraid that Smith only improved with a contract on the way. That sounds smart, even if it "stinks" for Smith.