In response to Archer1's comment:
That being said...I'm not sure if I prefer this option to the tanking option. Potentially tanking (I don't know if we would be bad enough/lucky enough) could net us a stud young player (Parker, Wiggins, Smart etc) or we might end up with the backend of the lottery pick and be relegated to obscurity for the next 5-10 years.
Signing Smith keeps the Celtics relevant and competitive (which I'm sure Wyc prefers), but ties up money in a team who might max out at a 3-5 seed for the prime years of Rondo and Smith.
The other downside is that investing in Smith effectively removes us from the bidding on upcoming players in free agency like Kevin Love, Greg Monroe, Demarcus Cousins etc. But do we have a chance at landing them in FA anyways? Smith WANTS to be here.
All in all - I think signing Smith is the way to go if Garnett agrees to stay and play out his contract (assuming Pierce is gone to make way for Smith). I'd have to imagine Garnett isn't crazy about playing without Doc and Pierce, but if he will stay and lead the team - I'd commit to Smith.
I agree. I would much prefer tanking then getting either Jefferson or Smith. This team is not going anywhere next year. Keep as much finanical flexibility as possible, get some good draft picks and sign some good players down the road.