Hornets to waive former first-round pick

Smith, 21, was the No. 27 overall pick in the 2023 draft. On the surface, him being waived is a touch surprising. He averaged 9.9 points, 2.1 rebounds and 2.4 assists as a 20-year-old former first-round pick while starting 27 games for Charlotte last season.

However, the Hornets are facing a roster crunch, one that they’ll still be in following this move being made official. Before last week, the Hornets had 16 players on fully guaranteed contracts and DaQuan Jeffries and Moussa Diabate among those on partially or non-guaranteed contracts. Charlotte got to work trimming the roster last week by cutting Jeffries, but were still faced with a tough decision afterward.

This offseason, Charlotte brought in four rookies on standard contracts and, through a series of free agent moves and trades, added veterans Mason Plumlee, Spencer Dinwiddie, Pat Connaughton and Collin Sexton. That meant, barring other trades, the Hornets were always going to have to cut at least one fully guaranteed player, a category in which Smith falls.

Once this move is official, the Hornets will still have 15 players on standard deals and Diabate’s non-guaranteed deal along with their three two-ways and Isaih Moore on an Exhibit 10 contract. While the easy answer would be to cut Diabate to satisfy roster limits, the decision is not that simple. Diabate played a touch under 20 minutes a night for Charlotte last year, appeared in 71 games (eight starts) and averaged 5.7 points and 6.2 rebounds. 

Additionally, Diabate is one of just three players on the roster (including two-ways) who is over 6-foot-10, which would leave Charlotte in an even more dire need of big depth. Keep an eye on how this situation unfolds before opening night, given the Hornets could be in line for a trade or other cut.

As for Smith, it’s entirely possible a team will claim him for his modest $2.7M salary this year, with a $4.9M option for 2026-27. The Nets seem like a great candidate to take a flier on a 21-year-old with career averages of 8.0 points and 36.9% clip from three, although they have a roster crunch of their own to sort through. If he goes unclaimed, it’s hard to imagine it will be long before he signs on somewhere. He would be eligible to sign a two-way contract with just two years of service.

The decision to cut Smith for Charlotte was likely less about the player himself than the sheer overlap of guards the Hornets find themselves equipped with. In addition to Connaughton, Sexton and Dinwiddie joining the guard room, the Hornets drafted Kon Knueppel and Sion James while still rostering Tre Mann and Josh Green.