IMHO
I don't see a lot of upside in signing Smith.
Smith is definitely on the downside of his career. With 16 game seasons, rushing for 1000 yards is not the barometer it once was for a running back. Yards per carry are the barometer IMO. Smith averaged 3.8 per carry last season. The year before, he averaged 3.9 per carry. On the other hand, behind the same line, Hambrick averaged 4.0 last year and 5.1 per carry the year before. Is Hambrick "all that"? I don't think so. But, I think that these numbers are an indication that a "spare" running back can put up as good or better numbers than Smith, behind the same line, at this point of his career.
I don't think that other players would want to come to AZ because the Cards signed Smith. Granted, after those players are "has-beens" and want to draw a pay-check. Yes. But, not in their prime. I think many of those free-agents would be more impressed had the Cards found ways to keep Jamir, Aeneus, Rice, and Boston in the fold.
Also, if the Cards don't address their receiving positions, their offense will be facing "8 men in the box" more frequently than not, and no back will be gaining yards. Get some receivers.
I would rather the dollars be spent on areas of serious need. Bottom line, that IMO, the downside is unnecessarily over-spending for a player that is past his prime. I don't care how much cap room the Cards have. IMO, this is the time to work the phones to try to acquire players via trade, or hold onto those cap dollars and see if their are any bargains after June 1st. If I am not mistaken, in both cases, players can be had for their salary, with no signing bonus effect to the cap of the team receiving the rights to that player. IMO, there is never a good reason to waste cap dollars. And, IMO, overpaying Smith is wasting cap dollars.
For near the minimum, I would not mind seeing Smith in a Cards uniform. Like was mentioned earlier, if he stinks it up, cut him. But, if Smith is given a good size signing bonus (hope not), releasing him will be a more difficult decision.
Much more dollars that the minimum reeks of "PR".