a phrase used to state the fact that there is an atmpsphere of failure due to someone/something that has failed at a task (competitive dare, challenge, life, etc.). could also be spelled "Smells like da feet."
derived from the word "Defeat".
Biker 1: i bet i can jump that car!
Biker 2: do it.
Biker 1: (fails the jump and is lying on the ground wallowing in self pity)
Biker 2: Hm. that jump smells like the feet.
Biker 1: shut up.