4:36pm: Ed Price of AOL FanHouse suggests via Twitter that the Mets could save as much as $550k by releasing Hernandez, presumably because they won't have to pay him incentives.
3:02pm: The Mets released Livan Hernandez to make room for Billy Wagner, according to Bart Hubbuch of the New York Post. Hernandez signed with the Mets last offseason for $1MM plus incentives, and took the hill 23 times this year. His numbers aren't impressive, but they're not much different than expected; in 135 innings he allowed 164 hits and walked 51, striking out 75 batters.