Seems a bit pricey for his stats but I guess McDaniel knows what he can do as the primary TE.
It does seem like a lot of money, but I have no idea what a good blocking tight end goes for and no idea how good a blocker Smythe truly is, so I don't know how to evaluate this contract. I did read that PFF had him 13th best at run blocking and that his overall grades improved as the season went on. Last year he was near the bottom, so either he overperformed or he has improved massively. Maybe a usage/scheme issue? He was considered an excellent blocker coming out of college.