Smith had 710 rushing yards and five touchdowns on 134 carries two seasons ago. He ranked second on the team in rushing this past season with 598 yards and five touchdowns on 119 carries.
The 5-foot-9, 190-pound Smith, who confirmed his departure on Twitter, is in the portal as a graduate.
The Houston-born Smith started his college career at Arizona State, appearing in 13 games as a reserve before transferring after the 2018 season. He sat out in 2019 and then started four games for Arkansas in 2020, leading the team in rushing eight times that season.