In an official statement, Sharks explained their decision:
"When Todd was first signed to the Sharks he was made well aware of his responsibilities both on and off the field, to himself, the club and to the game in general, however the photograph that appeared last night on social media does not meet the values and standards the club is looking to uphold and take into the future."
The photo apparently depicts Carney at a urinal, relieving himself into his own mouth. The Sydney Morning Herald has the details:
The image, which is too graphic to publish and has yet to be authenticated, appears to show the Cronulla Sharks player urinating towards his mouth while standing at a urinal.
The photo is believed to have been taken in Sydney on Saturday night, not in Brisbane on Friday during the Sharks’ celebrations after their dramatic upset win over the Broncos, in which Carney starred. It is the latest incident to hurt Carney’s career, which has been marred by alcohol-related issues.
The incident may cost Carney dearly. Per the Herald, he was on a $700,000 yearly contract through 2018.
While we obviously won't be publishing the image here, here's the Daily Mail's censored version. Warning: It's still exactly what you think it is.