With Smith at quarterback, Ohio State lost only two games in the 2005 regular season, and in only one of those was Smith the starter. The first was to the eventual BCS National Champion Texas Longhorns (which he did not start) and the other was to the Penn State Nittany Lions, co-Big Ten champions. Smith's 2005 stats included 2,282 passing yards with 16 touchdowns and four interceptions. This led to a passer rating of 162.66, the fourth-highest of the season. He rushed for 611 yards and 11 touchdowns on 136 carries. In January 2006, he was named the Offensive MVP of the Fiesta Bowl, after leading the Buckeyes to a 34-20 win over the Notre Dame Fighting Irish.