Smith averaged 8.9 points and 5.7 assists in 27 games. He is the only player this season who has averaged at least 150 assists while committing at 45 or less turnovers.
He'll return to Philadelphia, where he played 25 games last season and averaged 12 points, six assists and three rebounds.
The Sixers also waived guard Tony Wroten. Wroten has been bothered by injuries all season and averaged 8.4 points in just eight games. He averaged 16.9 points in 30 games last season.
The 76ers are 1-30. They return to play Saturday at Phoenix.