New Video Shows Ray Rice Knocking out Fiancee in Casino Elevator

New Video Shows Ray Rice Knocking out Fiancee in Casino Elevator (TMZ)

This is what a two game suspension looks like -- Ray Rice delivering a vicious punch to his fiancee's face, knocking her out cold ... and TMZ Sports has the shocking video. 

We've already shown you the aftermath outside the elevator ... Rice dragging the unconscious woman on the floor.  But we've now obtained video of the punch that put her down, raising the question ... What was the NFL thinking when it wrist-slapped Rice with such feeble punishment?

The incident took place Feb. 15th at the Revel Hotel and Casino in Atlantic City -- after Ray and then-fiancee (now wife) Janay Palmer got into a heated argument on their way into the elevator.