Add 3 quarts of water to a huge pot.
Place over high heat and bring to a boil.
Add smoked meat, seasoned salt and hot sauce.
Reduce heat to a medium. Allow to simmer for about an hour.
Wash collards carefully.
With a sharp knife, remove the large stem that runs through the center of each leaf. Discard stems. At the center or heart of the collards, you will notice tender young leaves. You do not have to strip those.
Stack 8 - 10 leaves on top of each other and roll them up. Slice perpendicular to the roll in 1/2 - 1-inch slices. (Basically you are saving time by cutting several leaves at a time. This is called "chiffonade.")
Add collard strips and butter to the pot. Simmer for about 1 hour, stirring occasionally.
Taste. Add salt and pepper, to taste.
Remove leaves and meat from the pot with tongs and place in a serving bowl. Add a bit of the cooking water to the bowl, just enough to keep the collards moist.
Serve hot or warm.