The loosehead prop has now inked a four-year deal, which will see him remain with the region until 2019.
Next season Smith will be joined in the front-row by 33-year-old James, who returns to the Liberty Stadium following a three-year spell with English side Bath.
And while the youngster is excited to learn off the 60-cap international, he knows that the hard work is only just beginning despite the promising start to his career.
"I couldn't have asked for any more in first full season as an Osprey, to play so many games, and to be involved all the way through to the semi-finals, followed by this new contract," Smith told the club's official website.
"I've still got a lot of hard work to do as I realise that I've not really achieved anything yet, I'm still very young and learning the game.
"If I can stay fit, keep working hard and improving, hopefully I'll get more game time and be able to establish myself as an Osprey.
"This is a great place for youngsters to develop, there are quality players all around you when you are working every day.
"I'm really looking forward to learning off Paul James as well, as I know I've got a long way to go."
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