I don't think the NCAA or the Big12 can let this go without very stiff penalties. I would tell Tech to ban that fan for life from the arena. No matter what else, this guy has been known for years to be an instigator, get rid of him forever. He obviously is the person who started it.
Second, Smart needs to be suspended very harshly, maybe even the rest of the year. You can not have player going into the stands after fans for ANY REASON. I don't care what they say, period, end of story. It puts the PLAYERS in danger, the fans in danger, and is an all around bad situation.