It ends with:

I want to put the focus back on those who deserve attention for their achievements and allow the Academy to get back to the incredible work it does to support creativity and artistry in film. So, I am resigning from membership in the Academy of Motion Picture Arts and Sciences, and will accept any further consequences the Board deems appropriate.

There is no mention of his returning his Oscar, and apparently, that is not an available sanction.

I suspect there will be consequences outside of his Academy membership. I doubt any company will want him sponsoring their products right now. I don't know if any of the movies he is recently wrapping up will come out on schedule.

Having had a few days to process this, I can say I think resigning is his best option. He's lucky Chris Rock didn't press charges when approached by police. I really don't care what Chris Rock said to his wife. Responding to any verbal insult with a physical slap in the face is way over the line of acceptable behavior. Anyone who can't control their own violent tendencies when out in public should stay home -- and get therapy.

This wasn't Will Smith's first rodeo in public with his wife since she shaved her head. Her makeup and gown were flawless and she looked beautiful and happy in all the photos I've seen besides her reaction to the "GI Jane 2" comment.

To say Will Smith over-reacted to Rock's not-funny joke is an understatement. Just as his tearful post-slap apology to everyone but Chris Rock was an overstatement.