Saw he filed for bankrupcy after being sued and now reports say they might terminate his contract

Looks like he filed for bankruptcy

He filed for bankruptcy and as part of the filing it includes a section about what happens if he opts out of the season(because of health concerns with his newborn kid) or terminates his contract. The terminate isn't anything serious, its just legal stuff, but he may opt out of the season still.

I believe what's happened is that he got a bunch of loans from a bank using his Sharks Contract to prove he was "good for it", and now it sounds like he's 27mil in debt.

I don't think anything ever changed, he has always been like this, its just finally catching up to him.