Credit: Jamie McCarthy/Getty Images Photo: Miranda Kerr's $2.5 Million Bra

UPDATE: The New York Post has a very different story on the Miranda/Angel split. According to their insider, "The problem was the time commitment. Victoria’s Secret usually asks the girls who are Angels to commit three months in a particular year to the brand. But Miranda has become a big star — she recently signed a deal with airline Qantas and has just replaced Kate Moss as the face of Spanish fashion line Mango. While she loves Victoria’s Secret, the time commitment they needed from her as an Angel became too much for her to fulfill. Exactly the same thing happened with Gisele Bundchen and Heidi Klum — their careers became huge, and there were other opportunities which made being an Angel full-time impossible. Anyone who says otherwise about Miranda, it’s just sour grapes. She is still going to walk in the show this year, and is still committed to the brand, but their relationship is evolving."

Original story:

How many Victoria's Secret Angels do you know by name? Miranda Kerr has to be one of them, right?

According to Us Weekly, Miranda's three-year, $1 million contract was not renewed. Why not? A source told the site Miranda, 30, "has a difficult reputation" and she's "not a big seller for VS." That's kind of hard to believe.

VS chief marketing officer Ed Razek told the site they have no plans to stop working with Miranda and already invited her to walk in the 2013 show, so it doesn't sound like they are cutting ties with her. And apparently she can still appear in catalogues but at a different pay rate than a contracted “Angel.”

No one at VS denied (or confirmed) the contract end to Us Weekly, but it sounds like Miranda has been downgraded to a regular human being like the rest of us — except she's married to Orlando Bloom, has an adorable 2-year-old son, and is still drop-dead gorgeous.

Source: Us Weekly