Prepare a foil wood chip packet by placing two to three handfuls of smoking chips in a center of a piece of heavy-duty foil. Fold up the sides to wrap around the wood chips leaving the top open.
Preheat the grill to 275˚F - 300˚F with the wood chip foil packet on the rack on the right side of the grill.
While the grill is heating, prepare the corn by peeling the husks and removing the silks. You can leave the husks attached and tie them together with a strip of the husk (or use kitchen twine) if desired.
Turn the burner on the right half of the grill to low and turn the other burners on the left off. Leave the wood chip packed on the right side over the burners that are on. Place the corn on the cob on the unlit left side of the grill.
Cook the corn at 275˚F - 300˚F for 35-45 minutes, until hot.
Mix together the butter, salt, garlic powder, onion powder, paprika, black pepper, and cayenne pepper. Spread over the hot corn.