I say right on the mark. I've heard that this isn't the first time Smith has punched a fellow teammate. I don't like it when teammates have scuffles in the preseason, but at least it's mostly just pushing and shoving between players trying to jack themselves up (as explained on TV by the coaches). But there is no justiable reason for decking and breaking your teammate's nose- that's just straight-up out of control.
The big problem for the Panthers is the fact that they're screwed for the first two games agianst two of the toughest D's in the NFL. The NFC South may be weak expect for the Saints, but it will still be very difficult to win from a 0-2 start, which I'm 100% sure will happen.
They could be working under the presumption that the 2011 season will either not exist or be abbreviated. If it is the former, they don't need a QB. If it is the latter, they might try to get Favre for a 10 game type season.