Well he was a little too out of it for FOX's Mon-Fri program schedule. I also think it maybe was for health reasons. I know Beck had mentioned a while back he may lose his eyesight. The articles do state he will do some side work for FOX.
Found this on 411. "WWE.com has announced the releases of Gail Kim, Nidia, and Chuck Palumbo. They join A-Train, Billy Gunn, and Test as wrestlers released from WWE this week. All of the releases have led to very low morale among wrestlers.