Update: 4:15 p.m.
Carson Wentz finally has a weapon.
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The Eagles have agreed to a three-year deal with wide receiver Torrey Smith. CSN's Derrick Gunn has confirmed the value of the contract is $15 million.
However, the guaranteed portion of the deal is just $5 million, with a $500,000 bonus and a pair of $5 million options, according to USA Today's Tom Pelissero.
So, in effect, it's a one-year, $5 million deal for Smith.
While free agency doesn't begin until 4 p.m. on Thursday, the Eagles were allowed to reach a deal with Smith because he was previously released by the 49ers.
After a down year for Smith in 2016, the Eagles might have gotten decent value for the former second-round pick. With the 49ers last year, Smith caught just 20 passes for 267 yards and three touchdowns.
Smith's best season came in 2013, when he caught 65 passes for 1,128 and four touchdowns. In 2014, he caught 49 passes for 767 yards and a career-high 11 touchdowns.
But Smith, 28, also offers some speed. While he averaged just 13.4 yards per reception in 2016, his number for his career is 17.0.
Since he entered the league in 2011, just six players have had more 40-yard catches: DeSean Jackson, A.J. Green, Jordy Nelson, Julio Jones, Demaryius Thomas and Calvin Johnson.
In 2016, the Eagles had just six 40-yard passes. Only four teams had fewer.
Just a couple years ago, Smith signed a five-year, $40 million deal. Things clearly didn't work out for Smith in San Francisco, where he spent last season with former Eagles head coach Chip Kelly.
"Last few years were terrible professionally, you know? Football, it wasn't fun," Smith said recently on SportsTalk Live on CSNMidAtlantic. "Wasn't very involved, so it wasn't a fun two years as a player, but had some great relationships with a lot of people out there.
"Loved the locker room, loved my teammates and I loved both coaching staffs I was involved with as well so it just was I came in at the wrong time but I'm still thankful for the opportunity that they gave me."