That will have the opportunity to become a Top 30 deal during the pre-season.
The journeyman utility was released by the Gold Coast Titans in the middle of the 2022 season just months after signing for the club, citing personal reasons.
Should Smith land a Top 30 deal for the 2023 season, minutes are likely to be available after the departure of Tyrone Peachey, who served as the club's main utility in 2022.
Smith can play virtually anywhere in the backline, and has at times filled in at hooker as well during his 84 NRL games across time at the Panthers, Eels and Titans during nine seasons.
Coach Tim Sheens said the 30-year-old's utility value and experience is crucial.
“Will is a talented player who can cover a lot of positions,” said Sheens.
"His experience will be very helpful because we have such a young squad.”
Smith was a talented youngster, however, struggled to break into the NRL after playing in Newcastle during the National Youth Competition, and for the club's NSW Cup team before switching to Penrith, where he would debut in 2014.
Apisai Koroisau will join the club to play at hooker, and while Jacob Liddle left to join the St George Illawarra Dragons, Smith will likely find himself in competition with Jake Simpkin for minutes in first-grade.