Preheat the oven to 350°F. Spray an 8x8-inch baking dish with non-stick cooking spray.
Set a large skillet over medium-high heat, then add the butter and liquid smoke. When the butter is melted, add the onions and cook for 2 minutes, stirring frequently until softened. Add the collard greens and 1 cup of chicken-style broth. Cook for an additional 2 minutes, until the collard greens are wilted. Drain the collard mixture in a colander and set aside.
In a large saucepan over medium heat, bring the remaining 3 cups of broth and the half-and-half to a boil. Whisk in the grits then reduce the heat to low. Cover and simmer for 10 minutes, whisking frequently to break up any lumps in the grits.
Turn off the heat then stir in the parmesan cheese, 1/4 cup of Monterey Jack cheese, the remaining 4 tablespoons of butter, salt, and black pepper.
Add the drained greens mixture and stir to combine. Adjust seasoning to taste.
Transfer to the prepared baking dish, then top with the remaining 1/2 cup of Monterey Jack cheese.
Bake for 15 minutes, until the cheese is melted and the casserole is bubbly around the edges. Serve hot.