FIFA has come down on Suarez this morning, to the tune of nine matches plus for months from all football activitiy. Does this 4 month ban include his club time? Not very clear as of yet, but it seems like this is a pretty fair punishment.
BREAKING: FIFA says Luis Suarez is suspended for nine matches plus four months from all football activity.— ESPN FC (@ESPNFC) June 26, 2014
EDIT: The four month ban does include his club time at Liverpool.
EDIT 2: As user SCS100 points out, this is a 9 match ban from FIFA World Cup games, meaning there is a strong chance he's out for the next WC as well. for a 27 year old, he might have just played his last match for Uruguay in the WC