Expect impatient teams to move quickly when free agency begins today.

Expect the smarter teams to sit back and wait to pick up released veterans such as Emmitt Smith, the NFL’s career rushing leader who was cut loose Thursday by Dallas.

“It will be fast and furious for about a week,” New York Jets general manager Terry Bradway said just hours before the 2003 class of free agents hit the open market at 12:01 a.m. EST today.

“Once the dollars dry up, it will slow down. Then there will be some bargains out there.”

Until this week, it looked to be a mediocre year for free agents, although teams always will pay more than they should for perceived impact players. For example, Cleveland Thursday released linebacker Earl Holmes after signing him a year ago from division rival Pittsburgh for $17.5 million over five years.

The Browns also cut Jamir Miller, who comes off a torn Achilles’ tendon, and Dwayne Rudd, so Cleveland should be in the market for linebackers.

The caliber of available free agents certainly has improved in the last week as teams released players to get under the $74.8 million salary cap. Many teams are in better cap shape than usual this season. But some — notably Oakland, Cleveland and Denver — had to do some serious slashing to get under the limit.

Two of the top free agents are Stephen Davis, the best running back available after being released Wednesday by Washington, and ex-Steeler Kordell Stewart, who at age 30 has 80 NFL starts at quarterback.

Other veterans turned loose include St. Louis cornerbacks Aeneas Williams and Dexter McCleon, fullback James Hodgins and quarterback Jamie Martin; San Diego strong safety Rodney Harrison, receiver Curtis Conway and cornerback Alex Molden; Tampa Bay center Jeff Christy; Tennessee center Gennaro DiNapoli; Atlanta cornerback Ashley Ambrose, receiver Shawn Jefferson and defensive lineman Shane Dronett; Seahawks safety Marcus Robertson and Buffalo tight end Jay Riemersma.

“The guys we released can still play,” Browns coach Butch Davis said.

“We’ve told some of them that we’re not burning the bridge. We’re trying to keep the door open. We’ve asked them to keep us in consideration. There’s not one guy that we let go that I’m happy about. It’s not easy.”

Among the players who restructured deals Thursday or agreed to new contracts were Kansas City quarterback Trent Green and linebacker Mike Maslowski; Miami offensive lineman Mark Dixon; New York Jets linebacker Sam Cowart; Denver receiver Ed McCaffrey and Atlanta receiver Brian Finneran.

Then there’s Smith, who turns 34 in May but said Thursday he still had a lot left.

Smith might have trouble finding a team that meets his standards. He liked to win and get a lot of playing time.

Stewart adds depth to a lackluster group of quarterbacks. Arizona’s Jake Plummer would have been the only other available QB in his prime that has considerable starting experience.

Among the true free agents, the ones likely to get the most attention include wide receiver David Boston of Arizona; linebackers Rosevelt Colvin of Chicago, Chris Claiborne of Detroit, Mike Peterson of Indianapolis, Jeff Posey of Houston and Anthony Simmons of Seattle; defensive ends Hugh Douglas of Philadelphia and Vonnie Holliday of Green Bay; and offensive linemen Wayne Gandy of Pittsburgh, Luke Petitgout of the New York Giants, Randy Thomas of the New York Jets, Ryan Young of Houston and Flozell Adams of Dallas.