Dano, 26, signed with the Jets as a free agent in November. He appeared in three games with the Columbus Blue Jackets and 46 with the AHL's Cleveland Monsters in 2019-20.
This is his second stint with the Jets. The team originally acquired him in 2016 in a trade that sent Andrew Laad back to the Blackhawks.
Smith, 32, appeared in 50 games for the Blackhawks last season. He had back surgery in March and missed the summer playoffs while recovering.