Smith saw limited action in 15 games this season, averaging 1.5 points and 0.7 assists in 4.4 minutes per game. Hollins, 31, was waived by the Wizards last week when they signed D-League sharpshooter Jarell Eddie.
The Grizzlies lost backup center Brandan Wright for six to eight weeks when he underwent knee surgery earlier this month.
Memphis is 17–16 this season, currently in sixth place in the Western Conference.
- Dan Gartland