A halfback and defensive back for the football team, Smith led the Southern Conference with 84.6 rushing yards per game in 1964, and his 761 yards that season were a school record at the time. He ran for over 100 yards in three games that season, and his 176 yards vs. Lafayette Nov. 14, were also a school record at the time. An All-Southern Conference second team performer as a senior, Smith finished his career with 1,234 rushing yards, which ranked second on the school's all-time list. He was a two-time member of the Southern Conference All-Academic team and earned honorable mention Academic All- America honors as a senior. He is one of six Davidson football players to earn an NCAA Postgraduate Scholarship. In recognition of his support of Davidson, in 2000, the college re-named the Richardson Stadium turf "Stephen B. Smith Field."