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The Titans, who went 2-14 in 2014, have not made the playoffs since 2008 and have struggled to get fans buying up all their tickets to actually attend games the past couple seasons. Tennessee holds the No. 2 pick overall in the upcoming draft.
"I am honored to return to Nashville to help the organization during this search period," Underwood said in a statement. "I have a great deal of respect for the family and look forward to aiding the team during this time."
But Smith also is president and chairman of Adams Resources and Energy, Inc.