Smart, 56, is best known for hitting the game-winning shot for Indiana in the 1987 national championship game against Syracuse. He played for Arkansas coach Eric Musselman with the CBA's Rapid City Thrillers and Florida Beachdogs and was an assistant on Musselman's staff with the Golden State Warriors.
"I am excited to be reunited with Coach Musselman, a person I've known for over 30 years, and to continue my growth as a basketball coach," Smart said.
Smart has been head coach of the Cleveland Cavaliers, Golden State and Sacramento Kings and an assistant with the New York Knicks, Memphis Grizzlies, Miami Heat, Kings, Warriors and Cavaliers. His first coaching job was as head coach of the Fort Wayne Fury of the CBA in 1997.
"We are getting an incredible coach," Musselman said. "He knows how to develop talent and is an excellent 'X and O' coach. Our players are going to love Coach Smart."