Smith has three years left on his current contract with an annual cap hit of $3.25 million. If he clears waivers, the Senators can assign Smith to the Belleville Senators of the AHL.
According to CapFriendly.com, the Senators would receive $1.025 million in salary cap relief if Smith is in the AHL.
Smith, 30, has played his entire career with the Senators. In 542 games, he has scored 85 goals and 165 points.