A meagre four-point return from their last four league outings has even the most diehard Peasy fans conceding the championship to Auchinleck Talbot.
The Ayrshire cracks underlined their nemesis tag by also ending the Springburn club's involvement in the Emirates Scottish Junior Cup at the fourth-round stage.
Having to settle for the runners-up mantle for a second consecutive season is disappointing in the extreme.
But Smith and dugout partner Willie Patterson refuse to dwell on the matter of what-might-have-beens.
Rather, they have been exhorting their players to re-group and refocus their sights on getting hands on the two silverware prizes still up for grabs this season.
This Saturday sees the not insignificant hurdle of a Shotts Bon Accord side, fast earning a reputation as cup specialists, standing in the way of Petershill progressing in the West Cup they last lifted in 2007.
And Smith insists the New Petershill Park contest is the ideal occasion for Ryan Jordan & Co to recover their va-va voom.
However, the Peasy management duo are facing something of a selection headache after Smith revealed: "We've had more guys on the treatment table this week than out on the training pitch."
He went on: "The truth is we have been toiling for bodies and having to patch guys up to play when less than fully fit for several weeks now.
"Our situation was best summed up by big Ryan hobbling through last Saturday's game with Pollok and it's looking like more of that same determined attitude is going to be needed against Shotts.
"They are again going strongly on the cup fronts and we will need to be close to our best to stand any chance of moving into the quarter-finals, which is a concern given Richie Burke and Stevie O'Keane are already definite non-starters while a number of other players are considered doubtful at best.
"At least Craig Palmer will be in better shape after managing an hour in the Pollok game on his return from his dislocated shoulder problem. So having someone of his combativeness and infectious enthusiasm back in the team is a major plus."
Some might have thought it understandable if the seasoned management duo were vexed that their previously rock-solid backline has taken on a porous appearance of late.
Since the demoralising 7-0 Emirates defeat down at Beechwood Park, they have shipped goals in all six matches.
But a defiant Smith quickly shot down any suggestions the issue was weighing on his mind.He said: "That can be attributed to key players going off the boil throughout the team rather than purely from a defensive perspective. Clearly we face a big test going up against a Shotts strikeforce that blasted in five goals last weekend, however I'm fairly confident it's one we can pass."
The prize up for grabs for the winners is another all-Super Premier tie away to whoever comes out on top in the Bellsdale Park showdown between Beith and Arthurlie.
The remaining New Coin Holdings Cup quarter final pairings are Pollok or Largs Thistle v Rutherglen Glencairn or Glenafton, Hurlford Utd or Winton Rovers v Saltcoats Vics or Glasgow Perthshire, Blantyre Vics or Rob Roy v Renfrew or Maryhill.