Smith had a fully guaranteed contract for this season and a non-guaranteed year in 2016-17. He averaged 1.5 points and 4.4 minutes in 15 games.
The Grizzlies targeted Hollins, a 7-footer, in their free-agent search for a backup for Marc Gasol. Hollins made a strong impression on the franchise in training camp in October, and joined the Washington Wizards for the majority of December before being waived on Wednesday. Hollins has played 10 NBA seasons. Smith is in his second NBA season out of the University of Louisville, where he had a standout four-year career.