Porter finished with 11 receptions for 181 yards and a touchdown, far below expectations when the franchise signed him to a six-year, $30 million contract in March that included $10 million guaranteed. Porter missed all of training camp, the preseason and the first three games because of a hamstring injury.
He started six games, but didn't catch more than two passes in any game. It's unlikely the 30-year-old Porter will return next season.
Without Smith the final two games, team captain Mike Peterson will return to the starting lineup Thursday night against Indianapolis.
The Jaguars also signed defensive back Calvin Lowry and guard Cameron Stephenson.