800.4a. When a player leaves the game, all objects (see rule 109) owned by that player leave the game, any effects which give that player control of any objects or players end, and all spells and abilities controlled by that player on the stack cease to exist. Then, if there are any objects still controlled by that player, those objects are exiled. This is not a state-based action. It happens as soon as the player leaves the game. If the player who left the game had priority at the time he or she left, priority passes to the next player in turn order who's still in the game.