Smith appeared in 70 games in his one season with the Suns, averaging 3.7 points and 2.6 assists in 14.4 minutes per game. Acquired from Milwaukee in August of last year, Smith played for his sixth NBA team in Phoenix. He became expendable when the Suns acquired Isaiah Thomas from Sacramento.
Smith was waived just before his $992,000 salary would have been guaranteed at 2 p.m., MST.
Bledsoe is a restricted free agent but the Suns say they have no intention of losing him to another team.