On June 29, 2017, Smith agreed to forfeit his impending free agent status in signing to a four-year, $17.4 million contract to remain with the Rangers. On Smith reportedly showed up to 2017 training camp out of shape, and the Rangers as a team struggled. On February 8, 2018, the Rangers placed Smith on waivers due to his struggling play, and then assigned him to their AHL affiliate, the Hartford Wolf Pack after he went unclaimed. Shortly after arriving in Hartford, Smith broke his hand in a fight with teammate Vinni Lettieri during a practice, ending his season.