But signing Jeffery to a one-year deal worth $14 million, and Smith to a three-year deal worth a reported $15 million means the Eagles most likely have to make more moves to get under the cap.
Jeffery was the top free agent available on the NFL.com list of this season's top 101 free agents, so clearly the Eagles made receiver a priority this offseason.
Jeffery also joins wide-receiver Torrey Smith, who agreed to a deal with the Eagles earlier this afternoon.
Jeffery was healthy again in 2014, catching 85 balls for 1,133 yards on 145 targets, while scoring 10 times, clearly one of the best young receivers in the NFL.
In 2015 Jeffery played in a career-low nine games as he struggled with leg ailments, making 54 catches for 807 yards and four touchdowns.
Smith's production dropped considerably in his two years with the San Francisco 49ers, mostly because of the team's unstable quarterback situation. He only had 267 yards on 20 receptions with three touchdowns in 12 games last season, but he was playing for the terrible 49ers.
Alshon Jeffery of the Chicago Bears (17) stiff arms Tramon Williams of the Green Bay Packers in the first half at Lambeau Field Monday, Nov. 4, 2013, in Green Bay, Wisc.
The last time the Birds acquired a wide receiver of Jeffery's magnitude was in 2004, when they traded for Terrell Owens. But Pace doesn't believe in building his team through free agency.
The big question now for Jeffery is whether this one-year, "prove it" deal will allow him to break the bank in 2018. I was not anticipating a one-year deal. He's signing with the Eagles. In Smith and Jeffery, the Eagles have more experience, more size, and more explosiveness for an offense that ranked 31st in the National Football League last season with 18 passing plays of 25-plus yards.
Smith tweeted out: "Don't be surprised when I'm back on track next year..."
I think it was the best decision for me and my family.
"There was a lot of reasons for it, but only one I can control, so I'll just say me", he said.
If Jeffery makes up for it, that will be in Philly, not in Chicago. Whether the investments in Jeffery and Smith ultimately help or hurt them in their quest for a championship remains to be seen.
What was clear by those two deals was that Howie Roseman was taking a conservative approach to free agent signings while also trying to improve the Eagles next season and he accomplished both.