The Lakers declined their $2.5 million team option on Smith's contract for 2026-27 on Monday, Keith Smith of Spotrac.com reports.
Smith began last season on a two-way pact but was upgraded to a standard deal in April, finishing the regular season with averages of 6.2 points and 1.0 assists in 12.5 minutes per game across 30 outings (one start). He'll now explore his options in unrestricted free agency.