So out here in Boston there is a local sports talk radio show called Toucher & Rich. Last hour they had on a law professor and a lawyer to explain what's going on and why he probably did it.
Because his murder conviction is in appeal, and his recent gun charge will go into appeal...now that he is dead, those appeals cannot be heard and those convictions will be vacated. And while this doesn't help with the civil suits his family/estate will face from the victims families, it does make it so that officially Aaron Hernandez does not have any convictions under his name.
Now what that means in the grand scheme of things is his family is now technically entitled to his NFL pension, his signing bonus and any other money the Patriots owe him. I'm sure they will fight it but it gives the family a leg to stand on.
This happened in the case of the Catholic Priest that touched all those kids. Father Goggins I think his name was. Convicted, appealed, offed himself and they vacated the convictions. The families still were able to bring civil charges but he officially never got convicted.
TL;DR - Hernandez convictions will be vacated now, he is no longer a felon and is owed his nfl pension, his signing bonus and more money that will all technically go to his family.