The contract will pay the 24-year-old Smith an average salary of $1.887 million per season.
The 2011-12 season was his first full year with the Senators as he appeared in 81 games, scoring 14 goals (including two shorthanded goals) to go with 12 assists. Smith was one of the Senators' top penalty-killing forwards during the season while he was also asked to take the second most face-offs on the club. Smith also displayed a bit of a physical edge to his game, dropping the gloves eight times during the season.
In parts of four seasons with the Senators, the former third-round pick has scored 20 goals in 152 career games.