Alvarez wasn't released by Bellator he met his contractual obligations and became a free agent. Unless I am missing something the point of what Bellator was doing was they are waiving there 90 day matching clause so that Eddie can negotiate with outside promotions in good faith. That is what they did with Hector and it makes sense because they understand there place in the industry. Bellator needed to do that especially since they way they treated the Tyson Nam situation enforcing a 18 month clause on a fighter they released without ever competing.
Unless I'm mistaken, Eddie would have had to wait a little while, not sure how long, to receive offers from other organizations. Bellator went ahead and waived that to accelerate the process if I'm understanding it correctly.
Edit: Here is the quote:
"Based on our relationship with Ed, there's no reason to hold him to a series of months of not having the opportunity to look at those offers," Rebney said.