I do hate that people are using the open marriage as a punchline (no pun intended) and are saying that Will should have been okay with Chris' joke because they laughed at jokes about their marriage. As much as I disagree with Will's reaction, the open marriage is something they chose. Jada did not choose to have alopecia. People are also saying that Will reacted that way to prove he's 'A MAN' since Jada wanted the open marriage, so he had to prove his masculinity. The open marriage and the joke about Jada's hair are two completely different and unrelated things. Just like I might be fine with someone teasing me about one thing, but be really sensitive about another thing.
I've also read that according to a 'source', Chris did not know about Jada's alopecia. I hope they don't spin it to 'we've been open about the alopecia so the joke shouldn't have been made...' - just because you've talked openly about something does not mean that everyone is aware of it. Additionally, she's had an incredibly close cropped haircut for years, so it isn't a huge leap for someone to have assumed it was a choice.
I hope the Academy's 'review' leads to them determining to at least suspend Will's membership. I don't agree with them taking back the award (which they aren't planning on doing anyway), since the accolade is completely separate from his actions. But his membership should be suspended (or revoked) since his actions go against the Academy's published standards which deems "physical contact that is uninvited" as unacceptable. I do hope he gets more than just a formal reprimand though, which is one of the outcomes they could decide. In between reprimand and expulsion from the Academy, consequences could, per the charter, include temporary or permanent loss of privileges to attend or participate in Academy events or temporary or permanent loss of eligibility to receive or hold Academy awards or honors.
My prediction, though, is that he will get a reprimand and not be invited to present at next year's Oscars, but nothing further than that.