It looks like all that fancy gold and jewelry is going back to the pawn shop, because according to Dave Scherer:

WWE released MVP today. It seemed like it was going to happen sooner or later, given the stop/start nature of his push.

I thought WWE really had something when they introduced him, with the whole largest contract ever thing and the Teddy Long interaction and all that. He had a genuine charisma that made it easy to get behind him and hope for success. And then they turned him babyface and everything went to shit. MVP is Carlito Part 2: The Person. – Dusty