Smith rolled his ankle in the first preseason game and was forced to sit out last week's game against the Jacksonville Jaguars. Mark Sanchez got the start and didn't do much to impress, completing 13-of-23 passes for 165 yards, one touchdown and one interception. Smith had 6-of-7 completions for 47 yards in his only preseason action before the injury.
The third preseason game is often considered the dress rehearsal for the regular season, so if Smith has a solid performance with the first team, it increases his chances of being the Week 1 starter.
Scott Salmon of Gang Green Nation is rejoicing at this news, saying that Smith has a chance to "put the nail in Sanchez's coffin":
It seems likely Smith will have three quarters to put the nail in Sanchez's coffin and become the presumptive starter for week one against the Tampa Bay Buccaneers.
Sanchez has said the competition is winding down soon, so it seems that the team will likely make a decision within the next week or two. The results of this game would be important to the decision, as we've seen little of Smith in an actual game scenario. If he can prove competent enough to simply protect the ball, the job might be Smith's to lose.
The Jets may not announce their starting quarterback until the end of preseason, but Smith can end the competition on Saturday if his ankle holds up.