From WWE.com:
WWE has come to terms on the release of William Morrissey (Big Cass).
This is a shock. I was sure that he would beat Daniel Bryan at MITB, but if this was a situation where he had already asked for his release and they needed to get one more match from him, it makes sense that he lost. I thought he could really be a great heel and possibly a world champion. Maybe he still will be someday. Good luck Cass. Hopefully we get some additional information on this soon.