I like thinking about smart teams as teams performing with holistic intelligence, intelligence across multiple forms. They are on the stronger side of conversational, creative, empathetic, technical, product, financial and market intelligence. What makes them intelligent in each of these domains is not the quantity of their knowledge, which constantly shifts and churns, but the quality of their curiosity.
Smart teams outperform helpless, dependent teams, teams that expect others to do their thinking for them.