Smith was assessed a Flagrant 2 foul by officials and ejected from the game. The league will review the flagrant and can opt to suspend Smith. If he's suspended, he will serve the suspension on Sunday.
Per playoff rules, if Smith gets one more flagrant 2, it will trigger an automatic suspension.
Smith said he was trying to draw a foul on Terry on the play, which occurred with seven minutes to play in the game and the Knicks ahead by 19.
"That was a bad basketball play on my behalf, just cause I got kicked out of the game and my team needed me," said Smith, who won the NBA's Sixth Man Award earlier this week.
Smith was asked if he thought his actions warranted a Flagrant 2 call.
"I don't really know, I'm not really the judge of that. I'm gonna let [referees] do what they do," Smith said. "I really try to stay away from getting into it with the officials, so I gotta keep my head."
Terry was incensed after the play and charged after Smith. Smith walked to the Knicks' bench before the incident escalated further.
Doc Rivers was visibly upset when asked about the play after the game.
"I wish I was playing," he said. "I didn't like that. You're up [by 19 points]."
Rivers then declined to elaborate at the risk of being fined by the league. He'd already been docked $25,000 for criticizing officials after Game 2.
"I've already given up money," he said.
Mike Woodson said he would discuss the incident with Smith, who was whistled for two Flagrant 1 fouls in the regular season.
"He'll learn from it," Woodson said. "I don't think he was trying to hurt the kid. I thought he was trying to clear space. They saw it differently and he had to exit the game. That's something he will learn from and I'm going to stay in his ear and make sure he learns from it."