Big 12 coordinator of officials Curtis Shaw told ESPN that the officials don't have jurisdiction to eject a player who is involved in an altercation with a fan.
"There is no precedent for that," Shaw said. "Our rules are for flagrant 1 or 2. We don't have grounds for dealing with a fan. We don't have a rule to get involved when the player is involved with a fan. We don't know what was said. The official, Doug Sirmons, didn't know what was said."
Smart, a unanimous selection to the preseason All-America team, had 22 points and four rebounds in Saturday's loss. He was called for three fouls . Under the terms of the suspension, Smart can still practice but cannot travel for Tuesday's game or to Baylor for the Feb. 17 game, nor can he sit on the bench at the home game next Saturday against Oklahoma, according to a school spokesperson.
Smith, the Red Raiders' coach, said he had turned away from the play and didn't see the altercation.
"You really have to find the film to see what happened," he said. "I assume the officials saw what happened. That's why he got a technical out of it. The frustration when you're losing sometimes on a losing streak, I've been there before, it can be tough. I'm sure he regrets doing that, whatever he did, so things like that happen in the heat of the battle."
Smart is the Big 12's third-leading scorer and is the No. 6 overall prospect on ESPN NBA Insider Chad Ford's latest Big Board.
But Saturday's incident has drawn mixed reaction from NBA executives. One current NBA general manager told ESPN that he does not think Smart's draft stock has slipped as a result of the "overblown" incident, saying that Smart is "too good a kid."
But another current NBA GM told ESPN that he thinks the situation will negatively impact Smart's draft stock.
"When you are loved more for your intangibles than your tangibles to begin with, how can it not?" the general manager told ESPN. "I felt sick for the kid, truly saddened by it."
A former NBA general manager who is currently a scout said Saturday's incident shouldn't affect Smart's draft status, should he declare for the NBA draft, since he will have time to talk about it during the interview process this spring. The former GM said Smart's character hadn't been called into question in the past.
Smart, who decided to return to Stillwater for his sophomore season despite being considered a lock as a high-lottery pick in the 2013 NBA draft, expressed frustration to ESPN this past week about his growing reputation as a flopper and the inconsistency with officiating.
Smart also previously displayed his frustration with emotional outbursts on the court. In addition, he apologized to teammates after struggling through a four-point game against West Virginia in which he kicked a chair on the bench.
However, Smart had said that entering Saturday's game he would have a different mindset.
"I know players are going to go out and take shots at me," he said. "Starting this game, I'm putting it in the back of my mind. If that's how it's going to be played, that's how it's going to be played. If they can do it to me, I can do it also. That's my mindset from here on out. Physically, there's going to be nothing easy."
ESPN.com's Andy Katz, Jeff Goodman, Jake Trotter and The Associated Press contributed to this report.