Mooney and Overlin, both from Bethany, are charged with felony murder in the second degree and felony assault in the first degree.
He was unconscious when medical crews arrived. He was taken to the hospital in Maryville but did not survive.
He identified the men as the same two men involved in the altercation with Smith.
The director of public safety in Maryville, Keith Wood, said there was a shoving match inside the bar about twenty minutes before the incident outside.
Wood said officers inside broke up the fight, and Mooney and Overlin were kicked out of the bar at that time.
Wood said both men were heavily intoxicated.
He said they waited outside the bar and confronted Smith when he left.
"The fight was minor in nature, with fatal consequences," said Wood.
Wood said the victim's family has been notified. They live in St. Louis.
A spokesperson for the university said Smith was heavily involved on campus.
NWMSU students are using social media outlets, such as Twitter to share their thoughts and condolences, using the hashtag #RIPTO.
The university newspaper Northwest Missourian is also reporting a candlelight vigil will be held at 9 p.m. Friday night.
Maryville Police Investigating Death of NWMSU Senior