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The Falcons will release Smith, Terrin Waack of the team's official site reports.

Per the report, the move, which had been expected, will save the Falcons $6.5 million towards their salary cap. In his lone campaign with Atlanta, the 28-year-old hauled in 50 of his 70 targets for a career-high 582 yards and three TDs in 17 games, while logging action on 58 percent of the team's offensive snaps in 2023. In the wake of Smith's looming departure, Kyle Pitts remains atop the Falcons' tight end depth chart, with John FitzPatrick and Tucker Fisk also under contract for the 2024 season.

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