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If my initial feeling is correct, and Hardy was indeed high as a kite (drunk, whatever), he needs to go. TNA may want to keep him around, because he draws, BROTHER. But they can't. Again, assuming the reports are true.
He just made a mockery of the entire company, and everyone who works within that company. He destroyed a main event, plain and simple. A main event that people paid to see.
If this wasn't a work, Hardy must be fired. There's no other way around it. If anyone in TNA has half a brain, they will can Hardy, apologize in some fashion, and move on. Never mention this travesty again. Turning this into a storyline, if Hardy was actually intoxicated, would be totally classless.
Can't just pretend it never happened though, Nick.
From what I'm reading there are numerous meetings going on in Orlando right now, most of which are centered around a push to send Hardy home and remove him from television which is the first step to success here.
Regardless of what he was on or consumed, he was obviously not in condition to perform.
He proceeded to come out to the ring regardless and as you noted, ruined the main event people paid to see. Yes, this is absolutely an unacceptable situation, but I don't think it requires his being fired (necessarily) either, though. If he's simply sent home until a more permanent decision can be made on his status in the company, that would be perfectly acceptable IMO.