The deal marks Philly's second swap of a wideout for a defensive player this week as the Eagles will add defensive end Michael Bennett and a seventh-round pick from the Seattle Seahawks for wide receiver Marcus Johnson and a fifth-round pick, per ESPN.
Albert Breer of The MMQB added that the Eagles will save $4.3 million against the cap by dealing Smith while also saving $3.5 million by potentially replacing defensive end Vinny Curry with Bennett.
That is significant since Spotrac currently lists the Eagles as being more than $15 million over the salary cap.
In his only season with the Eagles, the 29-year-old Smith registered 36 receptions for 430 yards and two touchdowns. He also reeled in 13 grabs for 157 yards and one score in three playoff games en route to Philadelphia winning the Super Bowl.
The addition of Smith is a sensible one for Carolina as it gives quarterback Cam Newton a deep threat to complement No. 1 receiver Devin Funchess. That element was missing in 2017 following the free-agent departure of Ted Ginn.
In Worley, the Eagles get a third-year player with plenty of starting experience.
The 2016 third-round pick out of West Virginia has started 25 games in his brief career, including 14 starts last season.
Worley finished the 2017 campaign with 63 tackles, 10 passes defended, two interceptions and a sack.
Philadelphia similarly traded a receiver for a corner last offseason when it sent Jordan Matthews to the Buffalo Bills for Ronald Darby.
Worley will likely compete for a starting job across from Darby with Jalen Mills and Sidney Jones, and he should help improve a defense that ranked 17th against the pass in 2017.
With Smith gone, the Eagles will either utilize Mack Hollins as the No. 3 receiver or look for an option in the draft to support Alshon Jeffery and Nelson Agholor.