"It would have been far better if we had qualified, but we haven't and I don't think it makes that much of a difference."
Defeat to Stuttgart on Tuesday night means Rangers do not even have the consolation of parachuting into the Europa League, meaning the Scottish champions will focus their attention solely on domestic issues and retaining the championship.
But Smith insisted: "That's never the way to look at it. You would much prefer to be involved on the European stage.
"That was our aim when we started out. We've not been good enough and therefore we face the consequence of not having that.
"We would much rather have it than not have it.
"It certainly clears the second half of the season, but in no way does that make up for the disappointment of not having European football."
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