COWBOYS' SMITH AGREES TO $48 MILLION DEAL.

Byline: Daily News Wire Services

Emmitt Smith, regarded by his owner as a player without peer, likely will spend the rest of his career with the Dallas Cowboys.

The premier running back on Monday agreed to an eight-year contract worth $48 million, including a $15 million signing bonus, the highest in league history.

``This is a cornerstone event for this franchise,'' Cowboys owner Jerry Jones said. ``Emmitt has no peer in my mind, no peer today in sports.''

Smith, who had one season left on his current deal, had been waiting for Jones to renegotiate since the Cowboys signed free agent Deion Sanders to a $35 million deal last year.

Jones had promised to do so, but the negotiations dragged on as the regular season neared. Jones refused to discuss how Smith's new contract fits under the NFL salary cap.

Smith has won four rushing titles in six seasons. Last year, he set a league record with 25 touchdowns while leading the Cowboys to their third Super Bowl victory in four years.

Jones said he intends to keep Smith ``with the Cowboys as long as he's ever playing the game of football.''

``The facts are he's challenging the very best that have ever played his position,'' Jones said.

Despite the heavy load he must carry in Dallas, Smith thinks he can serve out the contract.

``I feel like I have at least eight years,'' he said.

The last contract dispute between Smith and Jones showed the running back's importance. Smith sat out the first two games in 1993 and the Cowboys lost both. After he signed, Dallas got back on track and went on to win the Super Bowl.

``I don't want to become the Shaquille O'Neal of the NFL,'' Smith said. ``I'd like to be looked at as the Michael Jordan of the NFL.''

Redskins cut Washington: Safety James Washington, a star in back-to-back Super Bowl victories for the Dallas Cowboys, was cut by the Washington Redskins and said he might retire.

Washington, 31, was signed as a free agent by the Redskins last year and started 12 games. This year, he entered camp a step slower and was overtaken by Darryl Morrison and Darryl Pounds.

Lions trim Camarillo: Punter Mark Royals made the cut for the Detroit Lions. Rich Camarillo did not.

``I felt that Mark Royals was kicking the ball extremely well,'' coach Wayne Fontes said. ``When I watched them in practice, it seemed like every punt Rich hit good, Mark would hit it 10 yards further and with a little more hang time.''

In two exhibitions, both punted four times, with Royals averaging 44.0 yards and Camarillo 43.8.

Buccaneers' Copeland has surgery: Tampa Bay's Horace Copeland, sidelined for the season, underwent surgery to repair a ruptured knee tendon.

The speedy receiver, who faces five or six months of rehabilitation, was injured on a 50-yard pass play during Saturday's 16-0 exhibition victory over Atlanta.

Courtney Hawkins will replace him in the lineup, leaving Charles Wilson the only experienced backup at wide receiver.

Three Eagles return: Philadelphia fullback Kevin Turner and cornerbacks Troy Vincent and Bobby Taylor returned to practice after missing the first two exhibition games. All three projected starters are expected to play Sunday against New England.

Vincent (groin) and Taylor (knee) had been out since last month.

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PHOTO Emmitt Smith, left, and Cowboys owner Jerry Jones ann ounce the contract.

Associated Press