The Redskins had been holding out hope of McCoy returning from his broken leg this season, but they ultimately elected to shut him down for the year.
McCoy, 32, is a former third-round pick out of Texas by the Browns back in 2010. He was traded from Cleveland to the 49ers back in 2013 and later signed on with Washington as an unrestricted free agent in 2014.
McCoy was entering the final year of a three-year, $9 million contract and set to earn $2.8 million in 2018 when he agreed to a one-year extension worth $7 million.
In 2018, McCoy appeared in three games for the Redskins and completed 63 percent of his passes for 372 yards, three touchdowns and three interceptions.
Reed, 28, was taken in the third round of the 2013 NFL draft by the Redskins. He was in the final year of his rookie contract when he signed a six-year, $48 million deal that included $22 million guaranteed with Washington.
Reed stands to make base salaries of $7.67 million and $8.25 million over the next two years of the agreement.
In 2018, Reed appeared in 13 games and caught 54 passes for 558 yards receiving and two touchdowns.
Smith, 26, is a former first-round pick of the Eagles back in 2014. The Eagles declined to pick up his fifth-year option last year and eventually cut him loose during the summer.
Smith signed a one-year contract with the Seahawks soon after and finished out the year in Seattle. He re-signed with the Seahawks this past offseason to a one-year contract worth up to $2.7 million, but was released during the preseason.
The Redskins signed Smith to a contract a few weeks ago only to cut him loose soon after.
In 2017, Smith appeared in 14 games for the Seahawks and recorded 15 tackles, 2.5 sacks, two forced fumbles and a pass defense.