Smith landed heavily after attempting a tackle early in the first half of the round one NAB Cup clash, and left the AAMI Stadium field immediately.
He spent the rest of the game on the bench with his left arm in a sling, watching the Crows atone for an underwhelming game one loss to St Kilda with a spirited performance.
Crows coach Brenton Sanderson said it would likely sideline Smith for up to eight weeks.
"The doctor said to me down the line he suspects it'll be a broken collarbone which is a six- to eight-week injury, but we won't know until he has x-rays tomorrow," Sanderson said.
"It's disappointing, such an important young player for us, had had an excellent year last year so it'll test our depth, but we saw today we've got some players who can stand up for us."
With both teams resting several senior stars, the contest was played out between two inexperienced line-ups, and it was Adelaide which finished the day stronger in trying conditions, winning 6.7 (43) to 4.3 (27).
Click here for all the best match pics
Big man Josh Jenkins was a standout for the victors, putting his hand up to fill the forward line spot vacated by Kurt Tippett with two goals and a series of strong marks.
His haul could have been far greater if not for some wayward kicking in front of goal.
Power switched on early for Hinkley
Led by the new No.4, Adelaide attacked the ball hard and put three first-half goals on the board to Port Adelaide's one.
The Power refused to give in during a back-and-forth second half, but Brenton Sanderson's team was able to defend its lead, leaving each of the competing teams with one win and one loss for the day.
Saints too hot for Crows
Richard Tambling was busy up and down the wing for the Crows, with Aiden Riley and Matthew Wright also finding plenty of the ball.
Looking a different team to the energetic, slick outfit that demolished St Kilda in game two, the Power were determined but lacked run and struggled to hit targets.
Inexperienced forward Aaron Young tried hard, as did former Bomber Angus Monfries and recruit Kane Mitchell.
There was controversy on the day too, after the AFL decided not to enact its extreme heat rules despite 38-degree temperatures.
The League had the power to reduce each half to 15 minutes, but chose instead to retain the standard 20-minute halves.
Following Sunday's results, Collingwood now sits alone atop the NAB Cup ladder as the only undefeated team at the mid-point of round one.
Fantasy snapshot:
Jenkins' five marks and two goals gave him a game-high 52 points, with Riley the only other player to crack the half-century (he scored an even 50). Monfries was Port Adelaide's leading scorer, racking up 42 points courtesy of 11 disposals, a goal and three frees for. Mitchell was next best for the Power with 34, and he has firmed as a likely round one starter after a solid display across both the day's games. Lewis Stevenson was also steady in both hitouts, and the former Eagle may be a smart defensive option at a cost of just $108,500.
ADELAIDE 0.3.3 0.6.7 (43)
PORT ADELAIDE 0.1.2 0.4.3 (27)
SUPERGOALS
Port Adelaide: Nil
Adelaide: Nil
GOALS
Port Adelaide: Young, O'Shea, Monfries, Ah Chee
Adelaide: Jenkins 2, Brown, Lyons, Henderson, Douglas
BEST
Port Adelaide: Young, Monfries, Mitchell, Cornes
Adelaide: Jenkins, Tambling, Wright, Riley, Lyons
INJURIES
Port Adelaide: Nil
Adelaide: Smith (collarbone)
