As the title suggests I had launched a game when both my screens turned black and I heard a pop. I looked over an a spark then small flame shot out of my graphics card followed by my PC being filled up with smoke. I immediately killed the power and then took the GPU out; then inserted my old 780 to make sure the computer still worked. (it doesn't look like there's any lasting damage from what I can tell but how can you be sure?)Also its worth noting that the card is relatively clean from dust and it wasn't overheating when the incident occurred. 
 
Has anyone had this happen before? If so what should my next step be? I've submitted  a "Question" but have yet to receive a response (although it is a little early I suppose)

Wow, this is kinda worrying. I am running a 1070 FTW right now. But (knock on wood) I havent had any issues with mine. I bought mine secondhand. Took me three hours just to take it apart and clean it. With it being really dusty. 

If you do a Google search, you will see many examples. It's not likely that the OP's burnt in a unique way.
These are the two most common general areas:

Squall_Rinoa86
It was a known issues with first gen 1070's and missing VRAM pads. I Always bought the 1070 FTW2 (had the fix among ICX tech). It's most likely out of warranty, so they generally wont cover the replacement as its past the 3yrs. I don't see EVGA covering this, but they could surprise me, but I am not feeling very strong that they would cover it OOW.

It was never missing pads. It was always faulty components from a bad batch. The pads addressed a temperature issue that folks brought up due to the heat spreader plate not sinking heat to the actual cooler body, but it never stopped bad components from being bad components. The FTW2 with ICX had better overall cooling, but also used updated components within to address the faulty past components.