He's a solid prospect, but one that could very well never see the field at Notre Dame based off the timing with the big and talented WR class in 2016. The 2018 WR class is absolutely loaded and Notre Dame should be able to land 3 very good WRs regardless of record because the class is simply that deep.
With that said, he is somewhat in the mold of Chase Claypool and you can tell he is a heck of an athlete, raw at the position and has no idea what he is doing right now. (Yes, Smith isn't 6'4/225 with freakish athleticism, but I am talking about his actual style of play and where he is as a football player.)
You can mold those kids at the receiver position. In college football, you don't need a Laquon Treadwell/Calvin Ridley to have success in the pass game. The NFL, yes, but college no.
You can get a receiver the football in college and you can manufacture a passing game.
Smith fits the mold that Notre Dame looks for in a athlete they can develop, however, the molder is gone. If he wants to commit tomorrow you take him, but it's also a risky take, as Smith's ceiling will depend on a future hire.