Collingwood is obliged to terminate their contract with TAC after an agreement reached two years ago to do so should any of their players be implicated in a road-related transgression.
The agreement was reached after Chad Morrison was found drink-driving in 2006, subsequently losing his license.
Collingwood president Eddie McGuire was quick to warn of a possible media beat up following the incident, insisting that alcohol-abuse is not a problem at his club.
"There's a far bigger alcohol problem with journalists than there is with footballers. I know because I'm involved in both sides of the ledger there," McGuire said. "So let's not beat this up into a big story that's not there, OK."
Wellingham is fined $5000 by the club and promises to give up drinking in order to achieve his AFL goals.
"I've let my team down, the club down. It's a massive cost to the club as far as losing the sponsorship, it's just a feeling of regret. There's nothing I can do about it. I just want to let everyone know I'm sorry," Wellingham said.