The departure of Boldin will trigger Smith stepping to the forefront of the Ravens' offense as their top receiver.
Smith is aware of what's expected of him: increased responsibilities and a need for greater production.
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"Obviously, I want to elevate my game and I will elevate my game," Smith told The Baltimore Sun at the Ed Block Courage award banquet. "I'm looking forward to the challenge."
A former Maryland standout, Smith caught 49 passes for 855 yards and eight touchdowns. He provided a consistent deep threat for quarterback Joe Flacco.
Smith, 24, won't dramatically alter his approach with Boldin leaving, but does recognize the effect on him.
"I approach it all the same," Smith said. "I'm a starter. My job is to make plays when the ball is thrown. It doesn't really change just because Anquan is gone. There will be another receiver over there, another great one at that.
"We have the best front office in football. I would say that even if they cut me today. You just have to trust and believe in our front office. They have a proven track record. It's on us to step up."
The Ravens had interest in free agent wide receiver Danny Amendola, but opted not to submit an offer sheet they were preparing when they learned of his asking price. Amendola joined the New England Patriots on a five-year, $31 million contract.
"I'm sure they like a lot of guys they can't afford," Smith said. "There are some great players in this league and he's one of them. I'll be fine with whoever I play with, even if they don't bring anyone else in and it's just us young guys and Jacoby Jones."
Amendola said he was flattered that the Ravens had interest in him, saying: "Wow, Super Bowl champs. Free agency was a really cool thing for me. I'm just glad it worked out and I had great choices to make."
Smith has been working out regularly to prepare for a big offseason.
"I'm back into it," he said. "I'm not full-blast, but I'm back working out. I tried to ease back into it because it was a long run. When I get back, I'll be flying around."
As much as Smith improved in his second NFL season, polishing his route running to incorporate more of the route tree with an increase in intermediate patterns, he feels like he's just scratched the surface of his potential.
In two NFL seasons, Smith has caught 99 passes for 1,696 yards and 15 touchdowns.
"The transition to an offensive team has been made," NFL Films analyst Greg Cosell told The Sun. "They'll obviously need some receivers because they've lost Boldin. At the end of the day, the Ravens realize Boldin is a player who's older, doesn't run real well, made a lot of contested catches because the quarterback was willing to make throws and they feel like they can replace him.
"Quite frankly, Torrey was a second-round pick. He should be ready, given his size and movement to become a better player."