Both Hiebert and Smith were up for renewal with their two-year deals set to expire in July.
Hiebert and Smith were hired when former boss Steve Spott resigned two years back.
The Rangers missed the playoffs during their first year running the club and had a 25-point improvement this past season but were ousted by the London Knights in the first round of the playoffs in six games.
It was Hiebert's decision to not renew Smith's contract, who joined the Rangers in 2006 as an assistant coach.
Associate coach Mike Van Ryn has a one year option left on his contract and Hiebert wants him to return. He also added that Van Ryn is a candidate for the coaching vacancy.
Assistant coach Mike McKenzie is meeting with the club to discuss his future as his contract is up this summer. Hiebert said that he'd like McKenzie to return.
Goalie coach Kain Tisi has already talked to Hiebert and both sides have expressed an interest in him coming back.
Now, the hunt is on for a new bench boss.
The team has already received interest from a few candidates but is in no rush to fill the vacancy.