The Razorbacks (2-4, 1-2 Southeastern Conference), who host Kentucky (1-5, 0-3) on Saturday, have struggled this season. They have gone from a preseason top 10 team to one just hoping to earn a bowl berth.
Terry scheduled another meeting Friday for next month between Smith and his creditors, but Jacoway said any disputes could be worked out between the lawyers and Terry before then.
"It's possible that John L. Smith will never see a judge," Jacoway said. "It is very possible that everything is worked out, that everything is A-OK."
Jacoway said the coach's bankruptcy case could last as little as 90 days or up to two years.