Smith, 31, is a former first-round pick of the Cowboys back in 2011. He signed a ten-year, $109 million contract with Dallas back in 2014 that includes $40 million guaranteed.
Smith is due base salaries of $13.5 and $13.6 million over the final two seasons of his deal in 2022 and 2023.
In 2021, Smith has started 11 games for the Cowboys at left tackle. Pro Football Focus has him rated as the No. 2 tackle out of 82 qualifying players.
Parsons, 22, was a one-year starter at Penn State and a consensus All-American as a sophomore. He opted out of the 2020 season due to the pandemic. The Cowboys drafted Parsons with the No. 12 overall pick in the 2021 NFL Draft.
He is in the first year of a four-year, $17,079,792 rookie contract that included a $9,781,667 signing bonus. The Cowboys will have a fifth-year option to pick up on him in 2024.
In 2021, Parsons has appeared in 16 games and recorded 84 total tackles, 20 tackles for loss, 13 sacks, three forced fumbles, and three pass defenses.