Smith is appealing his suspension, but won't find out until Tuesday what the league ruling will be.
If Smith wins his appeal, which is a longshot, then the Jets will have to release another player on Tuesday.
Chatman spent the first four weeks of the season on the NFL's suspended list for taking a weight loss product 280 Park Avenue doesn't approve of.
Smith was suspended by the league a week ago for his head-to-head hit on Arizona's Anquan Boldin, that broke some bones in the wide receiver's face.