I don't know what's going on with Val personally. Maybe never will. Hope he deals with it whatever it is. Whether he's ever going to play hockey in the NHL again seems in doubt.
From the Avs perspective it's obviously devastating, and probably going to spell the end of their playoff run (though they did once win a Stanley Cup without Peter Forsberg). If Val is suspended without pay I assume that means his salary is coming off the books for at least the beginning of next season, and at least until he is "reinstated".... it's hard to imagine what reinstatement means at this point.