"I support his decision and wish Justin and his family all the best in this next chapter," Indiana's head coach Archie Miller said in a statement. "I'm proud of his growth as a person, he's a great young man and has been a terrific model off the court and in the classroom.
"He obtained his degree in three years from IU's Kelley School of Business and we thank him for all his contributions to Indiana University and our program."
Smith averaged 10.4 points, 5.2 rebounds, and one steal per game while starting all 32 contests for the Hoosiers last season. He was also one of the team's top defensive producers and led the squad at 30.4 minutes per game.
Indiana finished the 2019-20 season with an overall 20-12 record. However, they went 9-11 in Big Ten play.