I would check the blade first and see if it is dull or not. You may just need to replace it. Dull blades tend to get very hot and make your wood smoke. Blow air into the housing to get all of the sawdust out so air can circulate through.
If blades look good then it could very well be your bearings. Let me know if you need help getting a breakdown or part #'s, I would need the model # of the Skil Saw.
Don- www.toolsandmachinery.com, March 2009