Smith's contract was selected by the Rockies on Saturday, Danielle Allentuck of The Denver Gazette reports.
Smith has been in the mix for a big-league spot for several years, but his command was a slight concern. However, he will now join Colorado's bullpen after posting a 1.89 ERA, 24:5 K:BB and 0.95 WHIP in 19 innings over 17 appearances at Triple-A Albuquerque this season. The right-hander will be available to make his major-league debut in relief during Saturday's doubleheader against the Nationals.