The Jets waived Smith on Tuesday, Ethan Greenberg of the team's official site reports.
Smith spent time in the Dallas and Arizona organizations prior to being signed by the Jets in early August, though he's yet to get into an NFL regular-season game. The receiver out of Iowa enjoyed a strong preseason for New York, catching all five of his targets for a team-leading 120 yards. That could help him land a spot on New York's practice squad if he clears waivers.