Smith's pull-up jumper from about 17 feet out with 1.3 seconds remaining in overtime gave ninth-seeded Wake Forest an 81-80 win over the eighth-seeded Longhorns in the first round of the NCAA Tournament's East Regional on Thursday night.
Texas (24-10) twice rallied from double-digit deficits, then blew an eight-point lead in overtime, completing a puzzling slide after being ranked No. 1 in the country in January.
The Demon Deacons (20-10) rallied from a 76-68 deficit in the extra session. They still trailed by four in the final minute, but a 3-pointer by Ari Stewart with 15.9 seconds left made it 80-79.
Gary Johnson then missed two free throws for Texas, giving Smith one more chance.
The Demon Deacons advanced to play top-seeded Kentucky in the second round of the East Regional on Saturday.
Smith finished with 19 points, 12 rebounds, seven assists and eight turnovers
EAST TENNESSEE STATE 71
In New Orleans, Eric Bledsoe's eight 3-pointers set a Kentucky record for an NCAA Tournament game, and the top-seeded Wildcats dominated throughout in a victory over East Tennessee State in the first round of the East Regional.
Scoring 29 points in all, Bledsoe started 8 of 8 on 3s before finally missing his first from long range late in the second half and finishing 8 of 9. Still, he surpassed Tony Delk's previous school record of seven 3s in the 1996 championship game against Syracuse.
Patrick Patterson scored 22 points on 9-of-10 shooting, including a handful of dunks, while John Wall added 17 points and 11 assists for the Wildcats (33-2).
Micah Williams had 18 points for ETSU (20-15), which trailed by as much as 30 in the first half and never threatened in the second.
WASHINGTON 80, MARQUETTE 78
In San Jose, Calif., Washington's remarkable late-season run extended right into the NCAA Tournament, thanks to a big shot by the Huskies' senior leader.
Quincy Pondexter drove for a tiebreaking bank shot with 1.7 seconds left, and 11th-seeded Washington rallied for a victory in the East Regional.
Pondexter scored 18 points in his school-record 134th game, and Isaiah Thomas had 19 as the Huskies (25-9) won their eighth in a row in dramatic fashion, roaring back from a 15-point deficit.
Washington made two late defensive stops before Pondexter drove by Jimmy Butler from the perimeter and scored the winner.
Lazar Hayward missed a half-court heave at the buzzer for the Golden Eagles (23-11), who didn't manage a field goal in the final 4:33. He finished with 20 points.
NEW MEXICO 62, MONTANA 57
In San Jose, Calif., Roman Martinez had 19 points, six rebounds and four assists and third-seeded New Mexico overcame a shaky start to beat 14th-seeded Montana in the NCAA Tournament's East Regional.
Darington Hobson added 11 points, 11 rebounds and six assists while playing with a sprained left wrist for the Lobos (30-4), who used a 17-0 run after halftime to briefly break open the game after trailing by a point at the break.
Martinez made three 3-pointers, including one with 7:44 to play, and Dairese Gary converted seven free throws over the final 3:36 as New Mexico staved off an upset to continue a special season that began with being picked to finish fifth in the Mountain West Conference.