Some more info... Its a long read.
Jimmy Rave's departure from ROH is not a storyline angle. He was let go by the promotion and has already received his release, so he's done.
There had probably been some issues brewing for awhile but the final straw was at the ROH event in Deer Park, Long Island last weekend. Rave suffered an ear injury in his match and immediately went to ROH officials demanding to see them as the show was going on. According to numerous sources both in and outside the company, Rave said he was quitting and wanted a release while speaking to two different top officials.
It may have been an incident where Rave was hurt and simply lashing out, but since there had been a history of him being unhappy in recent months backstage, ROH management decided to drop him from the company at that point. The feeling was that the money invested in Rave could be spent elsewhere and give someone else that wanted to be there a regular undercard spot, possibly putting them under a contract.
I believe a big part of the issue from ROH's end was not because Rave wanted his release, but instead of the way he went about demanding it in the middle of a hot building as they were in the midst of producing a live event. There must have been a lot of heat on Rave for that as ROH booker Gabe Sapolsky went as far as to drop Rave from ROH sister promotion Full Impact Pro in Florida, which Sapolsky also books.
There was a belief of several wrestlers that it was just a matter of time before the relationship broke down as it was obvious Rave was hardly the happiest person backstage of late. The decision to let him go wasn't shocking to anyone as Rave was telling others at the ROH event in Edison, NJ this past Saturday that he thought he was about to be dropped.
One source who doesn't work for the company believed that the build-up of injuries suffered by Rave in recent months probably added to the entire situation, possibly because Rave wasn't receiving medical insurance as part of his ROH deal. The source went on to state that the ROH deals are one-sided in favor of the promotion in that they don't guarantee a number of dates for the performers. Of course the difference between ROH and other groups is that the contracts don't restrict performers from working elsewhere, except perhaps competing TV and PPV entities.
There has been some conjecture by fans that Rave's departure is part of a work-shoot Internet angle being produced by the company. That isn't the case.