Smart and his agent are probably scrambling to get anything close to the 4 year/$48 mil the C's offered him last year. The reality is for him not to have signed yet, it means he's still holding out hope that someone will offer more than that. At this point, it doesn't sound like anyone has even come close to that.
The C's are sitting pretty imo. They are not going to get against themselves. They may offer Smart that deal again. They may have pulled that deal after this last season. Smart may just sign the QO. I think the C's win in both of those situations.