I like the Oil have high standards for retiring a jersey number. That's how it should be and the Hockey Hall of Fame is an appropriate achievement to recognize exceptionalism. After Guy Carbonneau got in (which I don't think he deserved or Clark Gillies), I feel it is appropriate that Kevin Lowe receive this honour. Never a flashy hockey player but a high quality grit, character d-man who was a cornerstone on six Cup championships. Decent GM who, unlike most of the Dynasty Boys, opted to stay in Edmonton and continue the learning from Sather.
Smyth was a good Oiler but not an all time elite player so no I don't think he warrants his jersey retired. Nor Semenko who was the ultimate policeman for the greatest NHL team assembled. Find a different way to honour their contribution. But leave the rafter jerseys to those that rank among the game's elite recognized through membership in the Hockey Hall of Fame.