Smith announced his decision on Instagram, not long after quarterback Tua Tagovailoa confirmed he would be entering the 2020 NFL draft. ESPN's Mel Kiper ranks Smith as the No. 23 overall prospect and No. 6 wide receiver for the draft.
"There's a lot I have left to accomplish as a player and as a student, and I feel that my time is not up at Alabama," Smith wrote on Instagram. "I have unfinished business to take care of and the only way to do that is to stay one more year."
Smith led Alabama in both receiving yards (1,256) and receiving touchdowns (14), while ranking second behind Jerry Jeudy in receptions (77). Jeudy recently announced he will enter the draft and is widely projected as the top wide receiver prospect.
Ruggs, a junior from Montgomery, Alabama, was considered to be one of the fastest players in college football this season.
He caught 40 passes for 746 yards, averaging 18.6 yards per catch.
ESPN NFL draft expert Mel Kiper Jr. lists Ruggs as the 13th-best draft-eligible player and the fourth highest-rated receiver.
Smith earned AP first-team All-SEC honors in 2019 and was a second-team selection by the league's coaches. He has 118 receptions for 2,109 yards and 23 touchdowns in his first three seasons. The Amite, Louisiana, native caught the game-winning touchdown from Tagovailoa to beat Georgia in the national championship game as a true freshman.