Creighton's Doug McDermott, Louisville's Russ Smith, Kansas' Andrew Wiggins and Michigan's Mitch McGary join Smart on the team.
Smart was included on all 65 ballots, while McDermott was on all except two. Smart was the Big 12 Player of the Year last season and chose to return to the Cowboys instead of opting for the NBA draft.
Smart averaged 15.4 points, 5.8 rebounds, 4.2 assists and 3.0 steals last season.
McDermott, the Missouri Valley Conference player of the year last season, averaged 23.2 points and 7.7 rebounds.
Smith, who received 52 votes, averaged 18.7 points and 2.9 assists as the Cardinals won the NCAA championship.
Wiggins is just the second freshman named to the team. He was on 42 ballots. North Carolina's Harrison Barnes, now in the NBA with the Golden State Warriors, was selected in 2010.
McGary was on 34 ballots. He averaged 7.5 points and 6.3 rebounds last season, helping the Wolverines advance to the NCAA title game. He averaged 14.3 points and 10.7 rebounds in the tournament.