Smart netted 26 of his points in the first half while also providing five steals and five rebounds for the Cowboys (4-0) rolled to a win in the non-bracketed round of the Old Spice Classic.
The two teams could also meet again next week when the tournament moves to Orlando, Fla.
Markel Brown helped out 20 points for OSU.
Memphis (1-1) was paced by freshman Nick King with 23 points and eight rebounds.
Notable deaths of 2014 [PHOTOS]