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Maybe he'll start his own company
I loled at the fact he thought unexperienced devs making ninja gaiden game on a new system could possible make it great. Its pretty stupid if you ask me.
Sure the boss does owe it to him, but think of the bigger picture here. This will hurt Tecmo, and it's franchises.
Hopefully there's more to this story that would explain a little more the president's side of the story, perhaps Tecmo's cash is tied up, or it's having some difficulties financially, or perhaps the bonus was tied to a performance requirement that Itagaki (or his games) never met.
But damn, this means that we likely won't see DoA5, Code Cronus, etc., as it was meant to be, with Itagaki heading up the projects. I still don't think that's a lot of money for Itagaki in the first place.