The OKC Thunder commentator who said Russell Westbrook was "out of his cotton-picking mind" is being punished for his terrible choice of words ... the team just announced.

Brian Davis, the play-by-play guy for Fox Sports Oklahoma, has been suspended for Game 1 of the Thunder-Jazz playoff series ... after making the racially insensitive call in OKC's regular-season finale.

Davis maintains he didn't mean to offend anyone -- but says he's cool with the suspension 'cause it was a pretty stupid thing to say.

“It is with great remorse and humility that I accept this suspension for the insensitive words I used during Wednesday’s broadcast. While unintentional, I understand and acknowledge the gravity of the situation."

"I offer my sincere apology and realize that, while I committed a lapse in judgement, such mistakes come with consequences. This is an appropriate consequence for my actions.”