The Colts signed Smith to a reserve/future contract Monday, per the team's official site.
After suiting up for both of Tampa Bay's and Denver's practice squads earlier this season, Smith joined the Colts' practice unit in mid-October but ultimately failed to receive a game-day promotion. The 6-foot-3 wide receiver is now in a position to compete for one of the Colts' roster spots throughout the offseason and into next year's training camp.