Going in NE had to know Alex Smith was primarily a pass catching TE, and hasn't at all excelled at Pass Pro in the past. This is most likely why they've been working on that aspect of his game a lot during camp. However, after watching these first two preseason games, I have to say he's not showing any signs of improvement. Maybe something will click over these next few weeks, but at this point I can't see him making the final 53. I say this as I can't see him bumping Baker, Watson, or Thomas. Baker's likely the safest as he's displayed a solid overall game. Watson can be a good pass catcher (he looked very good in '07), and he's shown some improvement as a blocker over the past few years. Thomas is also a decent receiving option, and he's a better blocker than Smith, as well. So, if they carry three TE's, Smith seems unlikely. Also, if they carry four TE's I'd expect that fourth TE to do a lot more blocking, than pass catching, which brings Devree into the discussion. Cutting Smith would also knock just over $1M off NE's cap.
