Scientific Name: Cordyceps militaris (L. ex St. Amans) Link
Common Name: Trooping Cordyceps
Certainty: positive (notes)
Location: Southern Appalachians; Smokies; CabinCove
Perfect example, complete with pupal host. This is a fascinating fungus, considered to be a real find, as it grows exclusively on buried pupae of insects! However, a day or two after a good midsummer rain in the Smokies I can almost guarantee several sightings on a casual stroll through damp hardwood forest.