Leeds looked to be among the favourites for promotion in the Championship over the early part of the campaign.
The Whites were the league leaders at one stage, but a disastrous sequence of results has seen them slip down the standings more recently.
Leeds have lost seven of their last eight matches to fall into ninth place in the second tier standings.
And Smith feels that Leeds’ current position may represent where they are as a club more accurately than when they were competing for automatic promotion.
The Sky Sports pundit said: “I was looking to the fixtures and they were very kind to them.
“In the last six or seven games they have played teams in the top five or six and perhaps this is them finding out where they are as a team.”
Leeds’ latest defeat came against Brentford at Griffin Park yesterday.
The Whites fell 1-0 behind in the contest, but fought back in the second half and claimed an equaliser when Ezgjan Alioski headed home.
Leeds looked to be on their way to claiming an impressive point at that stage, but there was a sting in the tale, as Yoann Barbet curled in a three points to secure the victory for the Bees late on.