The veteran forward was placed on waivers by the Senators on Tuesday, and is free to be claimed by the NHL's other 30 clubs.
News of the suprising transaction shocked Smith's teammates in the Senators' locker room, particularly fellow veteran forward Matt Duchene.
"I'll be honest, it's a kick in the balls for us," Duchene told TSN's Brent Wallace.
"It's tough because we love Smitty. He is a great leader, he is a great player," Duchene added. "Unfortunately, I guess, sometimes in this business, things happen that are sometimes beyond hockey reasons and things like that. It's tough right now, we are hurting."
Whether Smith is claimed by another team could be determined by his contract, as the 30-year-old is signed for the next three seasons at a $3.25-million cap hit.
Smith was limited to five goals and 14 assists in 68 games with Ottawa last season. He notched a career-high 25 goals during the 2015-16 campaign.
Rival teams have until 12 p.m. ET on Wednesday to submit a claim for Smith. Waiver priority is based on last season's reversed final standings.
Tuesday's cuts include forward Nick Suzuki, who'll report to the OHL's Owen Sound Attack. Earlier this month, the Canadiens acquired Suzuki from the Vegas Golden Knights as part of a deal for former captain Max Pacioretty.
The Canadiens also released veteran forward Joel Ward from his professional tryout offer. Defensemen Michal Moravcik and David Sklenicka have been assigned to the AHL's Laval Rocket.
Jesperi Kotkaniemi, Montreal's first-round pick in 2018, is among the players remaining at training camp.
Sbisa landed the contract after joining New York's training camp on a professional tryout offer.
The 28-year-old spent last season with the Vegas Golden Knights, who claimed him from the Vancouver Canucks in the expansion draft. He tallied 14 points in 30 games in Las Vegas.
Don't count on "Crow" being between the pipes for the Chicago Blackhawks in their first game of 2018-19.
When asked whether starting netminder Corey Crawford will be ready in time for the Oct. 4 season opener against the Ottawa Senators, Blackhawks head coach Joel Quenneville said that may be "stretching it," according to team reporter Chris Wescott.
"Good last few days, good progress and he's getting closer to joining his teammates," Quenneville added.
Crawford has been skating at training camp but has yet to take part in team drills. At the beginning of camp, he revealed he suffered a concussion in late December that kept him sidelined for the remainder of last season.
If Crawford is unable to go for the opener, Cam Ward could get the nod. The veteran goaltender inked a one-year, $3-million deal with the Blackhawks this summer.
Training camp got off to a tough start for Upshall. He failed his camp physical, which later revealed a knee injury. Although it was initially believed that the ailment would effectively end his camp tryout, Upshall was later cleared to resume participation.
The 34-year-old spent the past three seasons with the St. Louis Blues. He wrapped up the 2017-18 campaign with 19 points in 63 games.
Although Ryan Kesler has been limited to skating sessions at Anaheim Ducks training camp due to injury concerns, the forward received medical clearance to participate in contact drills Sunday.
"These are tests," Ducks coach Randy Carlyle told The Athletic's Eric Stephens. "That's all it is. It's a test. For any injured player coming back, it's an encouraging sign that he joined our group for practice. It's encouraging that he was able to battle in some battle drills and feel good after it.
"But it's still a test. Every day, he's going to be tested along the lines of is he able to compete? Is he being able to play pain-free? Is he able to have his strength and feel strong when he leaves the rink? That he's not jeopardizing himself."
Kesler underwent hip surgery last June and didn't return to the lineup until late December. He appeared in 44 games last season, tallying eight goals and six assists while playing through plenty of discomfort.
While there's no timetable for Kesler's return to the Ducks' lineup, Monday's update is seen as a breakthrough for the veteran forward. The possibility existed he could once again be sidelined long term in 2018-19.
The 34-year-old is under contract for the next four seasons.
Recent NHL seasons have seen plenty of young talents make immediate impacts, but for other budding stars, a feeling-out process is needed before their teams see a return on investment.
Whether it's adjusting to the speed, becoming more familiar with the North American rink, or simply finding comfort in playing the pro game, here are five players who have endured slow starts to their NHL careers but are destined for better times in 2018-19:
Joel Eriksson Ek
Often criticized as an older club lacking offensive creativity, the next wave is on the way for the Minnesota Wild, headlined in part by Joel Eriksson Ek.
The Swedish import and former first-round pick has spent the past two seasons in North America, and after getting his feet wet in 75 games with the Wild last year, Eriksson Ek is ready to make the next step.
The 21-year-old made the Wild out of training camp last season but struggled to find his scoring touch, notching just three points in 20 games. By late November, a refresher in the minors was deemed necessary and later proved worthwhile, as Eriksson Ek posted a point-per-game pace over seven AHL contests.
Later recalled to the big club, Eriksson Ek showed greater poise as he closed out the season with 13 points. For the coming campaign, he will have plenty of opportunities to build on last year's performance as he is expected to play among Minnesota's top nine forwards.
Nolan Patrick
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New Jersey Devils forward Nico Hischier took Round 1 in the battle of the top two picks of the 2017 draft, but expect that gap to disappear this season.
After posting just 11 points through his first 41 games, Philadelphia Flyers center Nolan Patrick found his footing in his final 32 contests, picking up nine goals and 10 assists. He then added another two points in the Flyers' first-round playoff exit.
As the new season nears, and with Patrick projected as Philadelphia's second-line center, there will be plenty of support for the Manitoba product to not only avoid a sophomore slump but build on his successful second half.
With the Flyers' first line expected to stay intact, look for Patrick to pivot between free-agent addition James van Riemsdyk, who potted 36 goals last season, and dominant playmaker Jakub Voracek, whose 65 assists were outpaced by only three players in 2017-18.
Jesse Puljujarvi
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Jesse Puljujarvi leads the next wave in the Edmonton Oilers' fountain of riches, and while he hasn't been immediately productive at the NHL level like many in his draft class, expect the Finnish winger to reach those heights this season.
Puljujarvi disappointed when he didn't make the Oilers out of training camp a year ago, but after putting up five points through 10 AHL games, he was recalled to Edmonton just one month into the season. There was no looking back from there, as Puljujarvi finished the 2017-18 campaign with the Oilers, notching 12 goals and eight assists in 65 appearances.
While his overall numbers don't equal the level of production expected from a high pick - Puljujarvi was drafted ahead of star talents like Matthew Tkachuk and Clayton Keller - he'll be provided with an expanded offensive role in 2018-19.
The expectation is Puljujarvi could ride shotgun to center Leon Draisaitl, who has cracked the 70-point plateau in each of the past two seasons. There's also the possibility for some magic alongside Connor McDavid should the captain's chemistry with winger Ty Rattie fizzle out.
Jack Roslovic
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While he won't be the focal point for the opposition, expect Jack Roslovic to fill an offensive role in the Winnipeg Jets' top nine.
The 25th pick in 2015 already has two years of pro experience under his belt. He led the AHL's Manitoba Moose with 48 points in the 2016-17 campaign, proving he's ready for prime time.
Last season, Roslovic split time between the Moose and the Jets, impressing with 35 points in just 32 games in the minors to earn a call-up to Winnipeg. That stretch included 10 appearances in the Jets' run to the Western Conference Final and gave the young forward a leg up in locking down a full-time spot for the coming season.
There will be one change, however, as Roslovic, who played on the wing last season, is expected to compete for a job at center following the departure of deadline addition Paul Stastny.
Daniel Sprong
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There's no denying what Pittsburgh Penguins superstar Sidney Crosby has achieved over his career; the seemingly constant challenge has been finding talented linemates that can mesh alongside the captain.
Over the past two years, the Dutch-born winger has seen plenty of minutes sprinkled across junior, the minors, and Pittsburgh. The erratic winger boasts plenty of offensive skill, as he demonstrated with a point-per-game pace over 65 games with Wilkes-Barre/Scranton last season. But when called upon by the Penguins, Sprong has yet to deliver consistent production.
Still, given his accomplishments in the minor ranks, Sprong is due for another shot at NHL duty and could have the chance to play alongside some exceptionally talented linemates in the process.
After 16 seasons, the 39-year-old announced his retirement from the NHL on Monday at a press conference hosted by the Buffalo Sabres.
"I'm announcing my retirement today. (I am) looking forward to spending more time with my family and also playing a small part with the organization," Gionta said. "(I am) looking forward to that next step of my career."
Gionta served as captain during his three seasons with the Sabres. He'll now be taking on a player development role with the organization. The native of Rochester, N.Y., called playing in nearby Buffalo a "highlight" of his career.
Gionta began his NHL career in 2001 with the New Jersey Devils, where he won the Stanley Cup in 2003. His 48-goal output with the Devils in 2005-06 still stands as a franchise record.
On Monday, the Philadelphia Flyersunveiled their new mascot, "Gritty", the franchise's first foray into a furry fanatic since the short-lived days of "Slapshot".
While the Flyers are apparently satisfied with the look of their new friend, the response on social media wasn't nearly as positive:
The 10th overall pick in the 2017 draft, Tippett had been vying for a roster spot at Panthers training camp.
Tippett, 19, began last season with Florida, picking up one point in seven appearances. He was reassigned to Mississauga in November, where he finished the year with 75 points in 51 games.
The Panthers also announced that they've released veteran forward Mark Letestu from his professional tryout offer.
