Replaced Belt and Smoking!!!

Looks like it.
There is a bearing ( 2 in the better ones ) between the clutch plates and the center shaft sleeve to allow it to rotate when the clutch is off.
That bearing is gone.
Some of the better quality older ones were replacable, most of the newer ones are not.
Like all sealed bearings they have a finite life.

Replaced the clutch today and it works great! I noticed that the new clutch came with a pre-installed key-way, so I had to get rid of the single long one and go with separate key-way for the drive pulley. Thank you to all -

Bill