Smith, 28, is a former sixth round pick of the Texans back in 2010. He lasted a little over two years in Houston before he was cut and later claimed by the Rams.
The Dolphins would later sign him to a two-year contract in March of last year, but he lasted just a year in Miami.
Smith later signed another two-year, $5.65 million contract contract with the Broncos this past May, but was cut loose close to a month ago.
Smith hasn’t appeared in a single game for the Broncos this season.
Misi, 28, is in the third year of his five-year, $17.72 million contract that includes $9 million guaranteed. He’ll make a base salary of $3.835 million this season to go along with $4.275 million in 2016.
In 2015, Misi appeared in 13 games and recorded 77 tackles and a pass defense for the Dolphins.