Smith, a projected NBA first-round draft pick, reported neck and elbow pain and had numbness in his right arm, and he was stretchered off the court midway through the second half of Saturday's game.
Smith was taken to UNC Medical Center and all x-rays were negative, the school announced Sunday morning. He returned to Raleigh on Saturday night.
"Our thoughts and prayers right now are with Terquavion," NC State coach Kevin Keatts said after Saturday's game. "It's a very emotional situation for me right now. ... My prayers and my thoughts always go to my players in these types of moments."
Smith suffered a hard foul while driving to the basket with 9:45 left in the second half, landing on his back. He remained on the floor for several minutes as trainers attended to him and his teammates looked on. A stretcher was then brought out. NC State said medical procedure required the use of a backboard and stretcher to move Smith due to the report of neck pain.
North Carolina's Leaky Black was assessed a flagrant foul 2 and ejected from the game.
In a tweet on Saturday night, Smith wrote: "I am fine appreciate all the prayers and concern."
A 6-foot-4 guard, Smith is No. 21 in ESPN's NBA draft rankings. He leads the ACC in scoring (19.1 PPG) and is fourth in assists (4.7).