Saine signed with the Packers as a non-drafted free agent out of Ohio State in July 2011. He rushed for 69 yards on 18 carries and caught 10 passes for 69 yards as a rookie in 2011.
Saine appeared in six games in 2012 before a knee injury at Houston ended his season.
The Packers drafted Smith out of Appalachian State with one of the team's three sixth-round picks in 2011. He posted 80 tackles (61 solo), two sacks, one interception and six passes defenced in his two seasons with Green Bay.
Smith appeared in six games in 2012 before suffering a season-ending knee injury at Houston.
The Packers announced the moves Wednesday.