The dust is settling on the slap heard ’round the world and here’s what we know: Chris Rock won’t press charges; the Academy has started a “formal review,” and Smith has apologized but there’s talk he may get stripped of his Oscar.

“We have officially started a formal review around the incident and will explore further action and consequences in accordance with our Bylaws, Standards of Conduct, and California law,” the Academy of Motion Picture Arts and Sciences said in a statement.

But the Sun paints a more ominous picture for Smith, with the Academy in full-on panic mode.

An Academy insider exclusively disclosed to The Sun that, “the Academy publicly condemned Will slapping Chris and behind the scenes, they went into full crisis mode. “Once the ceremony was over, they called in key members to hold an emergency meeting about what action they should take.”

The Sun’s source added: “There have been calls to have Will stripped of his Best Actor gong.”

“They cannot be seen to be condoning violence in any way and there are some people in the Academy who believe they should remove the award from him to make a point. Others however believe he should be allowed to hold onto it.”

Smith has issued an apology to Chris Rock for the slap, saying “I’m embarrassed by my actions.”

“I would like to publicly apologize to you, Chris. I was out of line and I was wrong,” Smith wrote. “I am embarrassed and my actions were not indicative of the man I want to be. There is no place for violence in a world of love and kindness.”

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