Per Ken Rosenthal and Fox Sports:

• Smoltz refused his DFA from Boston, which means he can only be traded or released unless he's kept on the active roster.
• Smoltz has already cleared waivers, so both trade and release are options at this point.
• If Smoltz is indeed released, Boston must pay the rest of his base salary. The $35,000 per day on the active roster gets nulled upon release. John can then sign with a new team.
• If Boston trades Smoltz, the bonuses are still in effect as well as his salary.

This could happen really soon, and you gotta think the Cards are in on it. Tony likes his veterans, and John Smoltz fits the mold. On the surface, it looks like it's going to be his choice whether he wants to start (Dodgers) or relieve (Cardinals). Stay tuned.