On March 27, the Academy's Board of Governors had a meeting to discuss the slapping incident, and the consensus seems to be that the Best Actor winner is in hot water. Will Smith made clear that he’s aware there'll be consequences during a Zoom meeting with Academy bigshots.
It remains to be seen just how he will be reprimanded, but the possibilities include suspension, sanctions or expulsion from the Academy. However, expulsion is a nuclear option that has only been deployed five times in the Academy’s 94-year history.
However, both Smith and the public will have to wait some time before the matter is settled. The Academy's next board meeting is April 18th, at which point they may decide which disciplinary action to take.