Source: The Wrestling Observer Newsletter

At this time, CM Punk has reportedly had no contact with WWE officials in “quite some time”.

Punk is said to be very happy being home and off the road, as his departure was reportedly over frustrations with booking, payoffs and being on the road.

Punk’s contract expires in July and even before he walked out there were people that know him that said at the time that they didn’t expect him to renew his deal with WWE and some people thought he wouldn’t last until July. It is not clear if he will be free to do other projects when his deal is up in July because WWE does have the right to say that he owes them six months on the deal because he failed to perform for the final six months of his contract.

So, in essence, Punk HAS to come back and fulfill the remaining time on his contract at SOME POINT if WWE wants him to. Dude has literally fucked himself at this point.

How I read it is that they can extend his contract for six months. Doesn't mean he'd still come back and actually do anything, just them making him wait longer for walking out. I could be wrong.

I took it as he has to be on the road and on television for the 6 months that he's missed.

In theory, yeah. In reality, I doubt they'd want to force him on TV. He's likely to be a pain for them.

That part sounds like dirtsheet speculation based on ... some guy's guess as to what his contract may or may not say.

What WWE does have the right to do is not pay him since he isn't fulfilling his end of the contract. If they pay him and allow him not to work, well, the contract will expire.

Likely, based on other contracts and situations we know about, he has a clause that doesn't allow him to take bookings or appear on advertisements for or appear on TV for other promotions for a period of time (90 days, 180 days, whatever) after his contract expires in July. Seeing as how he doesn't seem inclined to do that anyway, not a big deal.