Nani did not side-foot the guy; he caught Albeola on the side with his studs. Perhaps not devastatingly so...but the bottom of the player's foot makes contact. It's incorrectly being billed as a studs to chest play.
I feel as though the ref would've needed instant replay to not rule this a red card. It happened really fast, with two players sent sprawling in full-effect. And even with the different TV angles and slo-mo replays, it still is a very tough call (at least to these eyes anyway).
At the very best, it was a stupid fucking reckless play that most importantly looks like a horrendous foul at normal speed.