From WWE.com:
During Jericho’s match with the WWE Champion at São Paulo’s Ginásio do Ibirapuera, the flag found its way into the ring, where Jericho crumpled it up and then kicked it…. Suspended indefinitely, Jericho responded to the incident in his own words.
This is professional wrestling. Bringing a flag into play and not denigrating it for cheap heat would be a sign of disrespect.