As reported by Andy Martino of the Daily News and many others. He is out for the season. Apparently the injury stems from last week's clubhouse incident. It's all surreal at this point.
More details to follow.
Update: Craig Calcaterra of HardballTalk doesn't believe the Mets will be able to void the remainder of Frankie's contract. Craig is a lawyer (ex-lawyer?) and generally knows his stuff, so listen to him.