At least that's what you could imply if you read what his agent says about his new contract, with the clause about termination if Bonds is indicted:
"Although it is not my policy to comment on the specifics of an individual player's contract, the reporting that Barry will allow the Giants to get out of his contract if he is indicted on the federal steroid investigation is inaccurate," [Jeff Borris] said. "The collective bargaining agreement governs the work relationship between the owners and players, not the Giants' unilateral assertions."
The special termination language in Bonds' agreement references two sections of the Uniform Player Contract.
Under 7(b)(1), a team may terminate a contract if the player shall "fail, refuse or neglect to conform his personal conduct to the standards of good citizenship and good sportsmanship or to keep himself in first-class physical condition or to obey the club's training rules."
Section 7(b)(3) gives the team the right to end the deal if a player shall "fail, refuse or neglect to render his services hereunder or in any manner materially breach this contract."Selig's office has rejected it right now, based on a personal appearance bit in it. If this termination thing comes up later and it turns out to be against the bargaining agreement with MLBPA, his line (if this is true) is probably along the lines of Henry II regarding English archbishop Thomas Becket: "Will no one rid me of this turbulent priest?"