The move, which caught even Smith by surprise, will see him replace Alex Bowman at the wheel of the No. 7 Chevy this season.
"Seeing what they've done to take the program to the next level has been fun for me," said Smith, after announcing his new deal on Sirius XM NASCAR Radio’s SiriusXM Speedway. "Tommy Baldwin is a competitive racer and so am I, so I'm excited to see what we can do together."
He called the prospect of going without a ride in 2016 “terrifying,” adding, “we’ve got a baby at home who turns one next month. I’m only 32-years old, which is still pretty young in this sport, but I had to consider the possibility that there was nothing out there for me.
Smith revealed that he was contacted by Tommy Baldwin Racing only on Tuesday of this week.
“Obviously, it came together fast,” he said. “Faster than I have ever seen something like this happen.”
In a written release, team owner Tommy Baldwin said, “This is a really great time for us. Having a driver with Regan's credentials further elevates our program. He's a seasoned driver and a proven race winner. We're really looking forward to 2016."