Smith, who is entering his age-28 season, had two seasons left of arbitration and had been projected to make $4 million in 2023.
After excelling offensively in 2019 and 2020, Smith regressed badly over the last two seasons.
He slashed just .244/.304/.363 with 11 homers in 493 plate appearances over 145 games in 2021 before hitting .194/.276/.284 with zero home runs in 152 plate appearances over 58 games in 2022.
Smith's massive struggles in 2022 contributed to the Mets' DH spot being in disarray until the trade deadline, and eventually led to his demotion to Triple-A Syracuse.
After the Mets exercised their player option on Daniel Vogelbach -- a lefty swinging DH option who has serious limitations in the field and on the bases -- the writing appeared to be on the wall when it came to Smith's Mets future.
Reid-Foley made seven appearances for the Mets in 2022 where he had a 5.40 ERA and a 1.40 WHIP. In two seasons with the Mets, Reid-Foley pitched to a 2-1 record and a 5.28 ERA over 19 appearances.
The Mets also confirmed all other Mets players are signed for 2023 or will be tendered a contract.
Per MLB Trade Rumors, here's what the Mets' other arbitration-eligible players are projected to make next season.
Pete Alonso: $15.9M
Jeff McNeil: $6.2M
Luis Guillorme: $1.5M
Drew Smith: $1.2M
Tomas Nido: $1.6M
Joey Lucchesi: $1.15M