The receiver was waived with an injury designation. Smith, the No. 37 overall pick two years ago, tore his ACL in Phase One of offseason workouts.
"It's bad luck and bad timing because the kid worked so hard to get back," coach Todd Bowles said following the injury, via the team's official website. "He has to persevere and adversity will help him get stronger. But unfortunately in this game, over my course of time playing and coaching, you see these types of things. Some of the best athletes get hurt and don't get a chance to get on the field and it's just bad timing, bad luck."
In two seasons, Smith didn't live up to his high draft status, thanks in part to injuries. In 2016, he played in just four games and caught one pass for 20 yards. The 25-year-old speedster began last season on the physically unable to perform list after suffering an ACL tear in December 2015. In his rookie season, Smith played 10 games, catching nine passes for 115 yards and one touchdown.
If Smith clears waivers he would revert to the Injured Reserve list.