'Real Housewives' Cynthia Bailey -- Possible Demotion for Kicking Porsha Williams

Cynthia Bailey didn't even make it a full season, and she's already on the verge of following in Porsha Williams' footsteps -- as in, getting demoted.

In the wake of the "Real Housewives of Atlanta" fight -- where Cynthia kicked Porsha -- production sources tell us show honchos are reviewing footage of the incident and weighing their options for discipline.

TMZ broke the story ... Porsha and Cynthia got into it while shooting a scene on a boat -- Porsha called Cynthia a bitch repeatedly ... until CB snapped and unleashed a kick.

We're told producers want to see just how bad (or good, for ratings) the fight was ... and there's a possibility Cynthia could be demoted to the dreaded 'friend of the cast' title -- as opposed to full cast member. And yes, that would mean a cut in pay too.

As for why PW's neck isn't on the line? We're told there's no rule against antagonizing -- hell, that's the meat of the show -- but getting physical crosses the line.