Jay Glazer of Fox Sports first showed a video that clearly displays the two players scuffling during Saturday's preseason game, with Smith eventually ripping off Incognito's helmet and swinging it at him, barely missing. Dolphins coach Joe Philbin reportedly has sent the play in to the league office for review.
According to NFL.com's Ian Rapoport, the NFL is reviewing the video, looking at it as being beyond a football action, according to a source briefed on the matter. The incident is being looked at carefully, with a suspension definitely being strongly considered. The expectation is that Smith will be suspended one or more games.
Smith was fined $11,000 last year for kicking Incognito during a Week 1 matchup. Video of the play showed that Incognito stayed on Smith's ankle for a ridiculously long time after a fumble, and Smith responded by booting Incognito. Smith said at the time that Incognito tried to twist his ankle after the whistle. Incognito has long been known as a player who tests the boundaries of the rulebook.
At the time, the league was not convinced Incognito did anything wrong. Smith was "disappointed" in the fine and had it reduced from $21,000 to $11,000 on appeal.
League punishment on fines escalate for repeat offenders, so we'd expect Smith's punishment to increase when this video is seen.