Reyes had already been placed on paid leave through the Rockies' first 34 games as the investigations unfolded. According to the announcement, he will have to forfeit his salary for those games as well as the next 17.
In fact, as Jeff Passan of Yahoo Sports says, Reyes will lose 52 games worth of salary in total (due to a rainout). That will be a loss of about $7.06 million.
Reyes was arrested on October 31, 2015 in Hawaii for alleged domestic abuse charges against his wife. However, the charges were dropped in March due to her refusal to cooperate in the proceedings. Reyes was scheduled to go on trial on April 4.
In his absence, the Rockies have benefitted from great play from his replacement, Trevor Story. The 23-year-old rookie has hit .266/.327/.597 with 11 home runs and 27 RBIs in 153 plate appearances this season.
Even when Reyes returns from his suspension next month, it's possible that he will not be playing for Colorado.
According to Buster Olney of ESPN, there are teams interested in trading for Reyes. Jayson Stark, also of ESPN, was told by an executive that the Rockies "want no part of" Reyes even when he does return.
The possibly challenging part of trading Reyes for the Rockies would be due to his contract obligations. Subtracting out the $7.06 million he will lose this season, Reyes is still owed $40.94 million guaranteed through 2017 (with an option for 2018).
Over his career, the soon-to-be 33-year-old Reyes has hit .290/.339/.431 with 118 home runs, 621 RBIs, and 479 stolen bases in 13 seasons. He is a four-time All-Star.