The Philadelphia Eagles wasted no time.  Thursday is the first day on which teams can apply the franchise tag.  And apply it the Eagles did to tight end L.J. Smith, according to Adam Schefter of NFL Network.

As a result, the Eagles must offer to Smith a one-year contract with a value equal to the average of the five highest-paid tight ends in 2007, which is $4.522 million.  In return, the Eagles will have a right of first refusal as to any offers made to Smith. 

Then again, no offers are likely to be made to Smith, since the Eagles would be entitled to two first-round draft picks if the offer isn’t matched.

Smith was a second-round draft pick in 2003, and earned a salary of $920,000 in 2007.

The team can remove the franchise tag at any time and make Smith an unrestricted free agent.  If he signs the one-year tender offer before it is revoked, the money becomes fully guaranteed.