Add Coca-Cola to a large saucepan or Dutch oven and place over medium heat. Add brown sugar and stir until brown sugar is dissolved. Stir in ketchup, Worcestershire sauce, and liquid smoke. Add salt, garlic and chili powder and stir until well combined. Bring to a boil, stirring often. Lower heat to simmer and cook for 20 minutes. Remove from heat and set aside until ribs are done.

Store leftovers in an airtight container in the refrigerator.