Smith completed 13 of 18 passes for 236 yards and two touchdowns, and Jennings rushed 24 times for 151 yards and two scores for the Flames (8-2, 4-0 Big South Conference).
Chaz Jones rushed for 98 yards and two scores on 14 carries for the Keydets (3-6, 1-3).
Jennings' 32-yard run to open the second extended Liberty's lead, but Tim Maypray's 11-yard run and Jones' 2-yard brought VMI back within two points midway through the third.
Smith and Jones traded touchdown runs that put Liberty ahead 31-26 with 2:10 to play in the fourth, and Jennings' 36-yard run eight seconds later sealed the win.
Andy Staples of Sports Illustrated calls into The Paul Finebaum Show to break down what to expect from the 2016 UGA football team and new head coach Kirby Smart.
Sports Illustrated's Andy Staples joins Paul Finebaum and Marcus Spears to debate who would be included on the SEC Mount Rushmore.
Karl Ravech credits Gary Gilmore's coaching for the Chanticleers' championship win. Kyle Peterson acknowledges Andrew Beckwith's pitching and G.K. Young's swing that ultimately sealed the deal.
GameDay 100: Back in 1980, Georgia WR Lindsay Scott took off on a 92-yard catch-and-run in the final seconds of the game to lift the Bulldogs to a 26-21 victory over the Gators.
DL Hercules Mata'afa, LB Peyton Pelluer and SS Shalom Luani have the Cougars' defense headed in the right direction.
Most of the coaches in the ACC elected to stay out of satellite camp season, believing they had little to gain.