Apparently the new deal is in the 3-year, $15M range, which would carry a ~$5M AAV. The Golden Knights currently have 16 players under contract for next season and are already $2.6M over the cap, so it may be months before Smith and Vegas put pen to paper to make the deal official.
Smith is coming off of a 5-year deal that paid him $5M per season. His 2021-22 season was an injury filled one that saw Smith play in only 56 games. He still registered a respectable 38 points. The term and dollar amount was has not yet been confirmed so it will be interesting to see if Smith has actually taken a pay cut or if he has cashed in one more time once terms are announced.