The Titans were one of several clubs to court Smith despite the Melbourne star being under contract with the Storm for next year.
Under NRL rules, players can speak to rival clubs when they have 12 months left to run on their existing contract from November 1.
Smith's situation turned particularly ugly after commenting on a podcast revealing his desire to play for the Sydney Roosters.
In response the Storm issued a statement on Tuesday confirming the Kiwi international would be leaving the club after the 2022 season and they were "deeply offended" by the comments.
That situation comes after a photo of Penrith's Viliame Kikau wearing a Canterbury polo shirt was circulated on social media, before the backrower's future move to the Bulldogs was confirmed.
Mitchell said it was obvious the system needed looking at.
"It probably needs some improving. We're trying to get it to the point where, like anything in a process, if it's becoming problematic - and it's obviously not ideal currently - so there's probably room to massage it somewhat," he said.
"There'll be more of an approach collectively in regard to the reformation and what it's going to look like going forward.
"I'd be up for change. I think our club would be too, but we'll take that discussion up with the rest of the clubs."
Having seemingly missed out on Smith, who is expected to join the Roosters, Mitchell backed the club's current hooking options to get the job done in 2022.
Ex-Warrior Erin Clark, local product Tanah Boyd and former Penrith and Parramatta utility Will Smith are the players vying for the No.9 jersey and Mitchell said the failure to land Smith wouldn't mean they would simply look elsewhere.
"We're always looking in key roles, particularly specialist roles, in regard to what our depth looks there," he said.
"We're well served in the nine position. There's a real opportunity there for someone who wants to make it their own."
