Philadelphia Eagles tight end L.J. Smith was the first player this year to be slapped with the franchise tag.

Adam Schefter of NFL Network reports that Smith has signed the one-year tender.  He’s now guaranteed to receive a base salary of $4.522 million in 2008.

Once a player signs the franchise tender, he is under contract with the team and is required to participate in training camp and all other mandatory team activities.  Also, the player is no longer eligible to receive offers from other teams.