Both 10-episode series are slated to premiere later this year.
Smith, known for her roles in "The Women" and the "Matrix" trilogy, will also serve as an executive producer on "Time."
"CSI" and "Pirates of the Caribbean" producer Jerry Bruckheimer is to be an executive producer on McDermott's series. McDermott has starred on the TV shows "Big Shots" and "The Practice."
"We're excited to add 'The Line' and 'Time Heals' to a lineup that is steadily establishing itself as one of the best slates of entertaining, smart dramas on television," Michael Wright, executive vice president and head of programming for TNT, TBS and Turner Classic Movies, said in a statement Thursday. "Our new series are consistent with our belief that audiences are drawn to relatable, complex characters showcased in exciting, emotional settings and story lines. These new series also reflect our belief that great television comes from great talent. The talent at work on these shows is among the best in the business at delivering quality entertainment."