He was given a minor penalty on the play -- and probably should have gotten at least a double minor.
The suspension is believed to be the longest in IIHF history, and will be appealed by Canada. Regardless, it takes him out of Saturday's bronze medal game with Russia. If upheld, the other three games must be served at an IIHF event. Reinhart would be eligible for the 2014 World Jrs, but the suspension would take him out of nearly the entire round robin portion of the event.
As TSN notes, that could influence whether the Islanders would allow him to be a part of the team. Assuming a) he makes the NHL next year and b) we're not talking about day 476 of this idiotic lockout.
TSN story here: http://www.tsn.ca/story/print/?id=412759