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I don't see either player having any trade value at this point, not even a second-rounder. Smith was already waived several times in the last two seasons and seems to have had a hard time making an NBA roster. He's a trade throw-in. I don't see any team trading anything of value for him if they can just go to the D-League and find someone just like him or better.
Marshall has as much value right now as Wesley Johnson had when the Suns picked him up, which is none. More likely, a team would want something from the Suns for absorbing his one-year guaranteed salary.
The second round pick need not come to fruition. These type picks can have strings attached to make it unlikely to occur. Also the Suns could send some money with the trade to make it more attractive.