She nods, and begins work.
For this, the elemental schools will be insufficient. She will have to call upon the primary schools, which is why she needs the space and time to think. Fel would be ideal for this application, but as she is not a dribbling moron, she will not be using it. Light would serve, but the working thereof is... unpleasant. Shadow then, to devour, in the framework of Arcane, to define.
A ghostly Smaug takes shape before her, in silvery wireframe at scale. Within this grow points of utter blackness, wounds in reality that the eye prefers to skitter over than see directly. As they expand, Ellisaria tweaks the spell to keep them confined by the frame and not eating into it. When she is satisfied with the shape, she makes a compacting gesture, and it shrinks down to a small ball, glittering energy and spots of sheer nothing. This she lobs at the trapped dragon.
It sinks through his hide without resistance. When it reaches his center, the spell begins to expand, and the Void begins to feast.