Smith was speaking at the annual Razorback coaches golf tournament.
The loss of Wade as a receiver might be partially offset by a plan to let back-up quarterback Brandon Mitchell work at that position part time this season.
Offensive coordinator Paul Petrino revealed that the plan was first proposed by Mitchell and teammate Tyler Wilson.
"They got together with each other and felt like Brandon's a great athlete and he's a leader," Petrino explained. "It's going to help us get another leader on the field."
Petrino went on to point out that he's not desperate for receivers even after the departure of Joe Adams, Jarius Wright and Greg Childs to the NFL.
Seniors Cobi Hamilton and Chris Gragg are expected to carry much of the load in the passing game but Petrino expects help from juniors Julian Horton and Javontee Herndon. He also expects junior college transfer Demetrius Wilson to play right away while noting that sophomore Keante Minor had a great spring.
Petrino saved his highest praise for the incoming class of freshmen receivers, comparing three of them to Adams, Wright and Childs as rookies.
"They have a chance to be like the class that just left who all played as freshmen," Petrino noted."Keon Hatcher, D' Arthur Cowen and Mekale McKay, that's a really good freshman crew so their learning curve will be pushed up fast."
Petrino also pointed out that running backs Ronnie Wingo Jr. and Dennis Johnson will continue to be used in the passing game.
He emphasized that he doesn't anticipate any depth issues behind Hamilton and Gragg.
Preseason camp begins for the Razorbacks on Thursday August 2nd.