I am all for retaliation if the team deems it necessary.
That said, it must be done the right way, which means absolutely no head hunting (in the ribs like you said). Also, winning the game is more important, IMO. In other words, don't do something stupid that's going to jeopardize the game in any way. If payback has to wait until the next game, then so be it.
The best form of retaliation is to beat the crap out of them in the game.