Smith was presented the award in New York after edging the likes of Jamal Crawford (Clippers), Manu Ginobili (Spurs) and Jarrett Jack (Warriors).
Smith averaged 18.1 points per game, shooting 35.6 per cent from three-point range and averaged 33.5 minutes per game, all off the bench. He also averaged 5.3 rebounds, 2.7 assists and 1.3 steals per game.
Smith re-signed with the Knicks as a free agent in July, when he said "despite my other options, New York is the best situation for me."
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The Phoenix Suns have announced that Lance Blanks will no longer be the team's general manager.
Blanks was named the Suns general manager on August 5, 2010.
The Suns missed the play-offs all three seasons in which Blanks was the GM, and they finished with a 25-57 record this season.
That was the worst record in the Western Conference and the fourth-worst record in the NBA.
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Los Angeles Lakers point guard Steve Nash practiced on Monday and expects to start on Wednesday in Game Two of their series against the San Antonio Spurs, according to Lakers sideline reporter Mike Trudell of twcsportsnet.com.
Nash scored 16 points in the Game One loss but has been dealing with back and hamstring injuries.
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Cleveland Cavaliers owner Dan Gilbert and former coach Mike Brown have met to discuss the vacant coaching job opening, but Brown was not offered the job, ESPN reported.
Gilbert and Brown are scheduled to meet again this week.
The Cavaliers also contacted Phil Jackson about the position over the weekend.
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The San Antonio Spurs' 91-79 victory over the Los Angeles Lakers in their NBA play-offs series opener on Sunday on ABC got a 4.6 overnight Nielsen rating, Sports Business Daily reported.
It was the highest-rated opening weekend play-off game on the network in 10 years.