The thing about Reggie Jackson at age 66 is he needs the Yankees more than they need him. When you are hitting home runs and winning championships, you can be the straw that stirs the drink, but when you have a hard-to-specify advisory role you are just another employee.
Now, Reggie has been told to not come around for awhile, as Buster Olney reports. He has essentially been put in timeout. Right now, the period is indefinite, but a source told ESPN New York that it won't be a "death penalty" and eventually Jackson will return to the team.
The Yankees were not only unhappy with what Jackson said about Alex Rodriguez, questioning his numbers because of his admittance of PED use, but also his comments about deceased Hall of Famers Gary Carter and Kirby Puckett. Jackson said neither should be in the Hall of Fame. (Jackson has since been apologizing for his remarks.)
People pay attention to Reggie, as they do all star players, because of what he did on the field. Once your career ends, you are less essential. The Yankees still value Reggie, but they are letting him know, very publicly, he better watch his words in the future. If not, his salary for his unspecified role could be in jeopardy.