8:04pm: The Pelicans have waived Smith, the team has announced.
7:22pm: The Pelicans have acquired guard Ish Smith from the Thunder, New Orleans has announced. In addition to Smith, New Orleans will also receive the rights to Latavious Williams, cash considerations, and a 2015 protected second round pick. Oklahoma City in return will garner a 2016 protected second round draft pick. Oklahoma City needed to reduce its roster count to the league maximum 15 players, and the trade of Smith will accomplish just that. The Pelicans now have 14 players on their roster with the addition of the point guard.
Smith appeared in 30 games this season for the Thunder, averaging 1.2 points, 0.9 rebounds and 0.9 assists. Since going undrafted out of Wake Forest back in 2010, Smith has appeared in 221 career games for the Suns, Magic, Rockets, Bucks and Grizzlies, averaging 2.7 points, 1.9 assists and 1.4 rebounds. His career slash line is .388/.216/.581.
Williams was the 48th overall selection by the Heat in 2010. Williams currently plays for Bilbao Basket of Liga ACB in Spain, where he has appeared in 21 games this season, averaging 7.5 points and 5.9 rebounds per game.