As soon as Smith heard McHale was extended, he committed to the Rockets. Well, maybe that's how it happened.
<blockquote class="twitter-tweet" lang="en"><p>Smith will sign for one season, at a pro-rated portion of the bi-annual exception of $2.077 million, source said.</p>— Jonathan Feigen (@Jonathan_Feigen) <a href="https://twitter.com/Jonathan_Feigen/status/547816402904559617">December 24, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
Assuming he passes his physical, I don't know why not. Not a trade, so nobody else to wait on to get the deal done.