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Hernandez is under investigation in connection with the murder of 27-year-old Odin Lloyd. He was arrested this morning at 8:45 a.m., and the Patriots released him two hours later.
State police will announce the charges later today.
Here's the full statement from the team:
"A young man was murdered last week and we extend our sympathies to the family and friends who mourn his loss. Words cannot express the disappointment we feel knowing that one of our players was arrested as a result of this investigation. We realize that law enforcement investigations into this matter are ongoing. We support their efforts and respect the process. At this time, we believe this transaction is simply the right thing to do."
Hernandez would have been Tom Brady's most important target.
According to Ian Rapoport of the NFL Network, the Patriots still might have to pay Hernandez $2.5 million in guaranteed salary, even if he's convicted for a major crime. His contract — which Hernandez signed in August 2012 — didn't contain the typical "failure to perform" clause that would nullify his deal.