Smith, the 32-year-old British Open winner, and compatriots Marc Leishman, Lucas Herbert and Elvis Smylie face uncertain futures amid LIV Golf's funding crisis.
Saudi Arabia's Public Investment Fund has pulled out of LIV, leaving the all-Australian Ripper team captained by Smith and other golfers hanging.
"He's too young to retire," PGA Tour of Australia chief executive Gavin Kirkman told reporters on Tuesday.
"Where he made that decision based on where LIV Golf was at that stage, he may be rethinking with his management.
"The PGA Tour Enterprises will be rethinking their approach and what their approach will be.
"And there is probably so much to happen."
Kirkman will meet with Smith and his management at the end of the month, hoping by then the dust would have settled on LIV's future.
With no Saudi funding from next year, LIV Golf has pivoted to what it describes as a long-term capital strategy that could include private investors buying stakes in teams.
But US president Donald Trump and others are urging the US PGA Tour to accept Smith and fellow LIV players back on the American tour.
"Our focus is on Cam - Marc Leishman has still got a lot of golf to play, Elvis Smylie is a superstar and Lucas Herbert is capable of winning a major," Kirkman said.
"So those four players are very important to Australian golf.
"We can't make their decisions for them but this is where we hope the global golf ecosystem really comes together, because I can say that all the tours and all the majors want the best golfers playing."
Smith won the 2022 Open at St Andrews but his tied ninth at the 2023 PGA Championship is his best finish at a major since.
He was the only player to miss the halfway cut in all four majors in 2025 and he also failed to make the weekend action at last month's Masters.
The Queenslander has amassed a fortune on LIV, with career earnings topping $US51 million ($A71 million) after signing for a reported $US100 million ($A139 million).
Smith should be allowed to play whatever tour he wanted, Golf Australia chief James Sutherland said.
"The four guys on the Ripper team, we're super proud of them as great golfers," Sutherland told reporters.
"And we love the fact they come back and play in our major tournaments every year, I'm sure that will continue to happen.
"We're supportive of them and their choices to play on whatever tour they want."
LIV Golf has held four tournaments in Adelaide and the South Australian government is spending $45 million on a Greg Norman redevelopment of the North Adelaide golf course, due to host a LIV tournament in 2028.
"We are certainly not blind or ignorant to some of the discussions going on with LIV," Sutherland said.
"I have certainly spoken to people on the (Ripper team) management side of things and I think they're obviously working through that.
"There seems to be a lot of uncertainty as to how this is going to play out."
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