Smyth went down after a knee-on-knee hit from Avalanche defenceman John-Michael Liles with 28 seconds left in Edmonton's 2-1 victory. Smyth needed help as he limped to the dressing room.
The Oilers had the day off Tuesday and Smyth was slated to be looked at again Wednesday.
"I was shocked," Oilers centre Shawn Horcoff said after the game in Denver. "He knew if he lets Ryan go through it's an empty net and the game is over. I know the guy. He's usually not like that. It's a dangerous play."
No suspension was expected from the NHL.
Smyth leads the Oilers with 12 goals in 18 games and also has five assists.