Smith was cut by the Panthers on Saturday, Myles Simmons of the Panthers' official site reports.
The undrafted free agent received a rather hefty guaranteed signing bonus upon signing with the Panthers, but the team clearly felt more comfortable with other members of its running back depth chart. Smith certainly showed a bit of promise in his senior season at Minnesota, accumulating 1,233 total yards and eight touchdowns, so it's entirely possible he could, at minimum, wind up on a practice squad during the season.