The Brooklyn Nets have waived veteran point guard Jarret Jack, allowing them to save them $5.88 million by doing so. The team confirmed on Thursday, hours before the start of the free-agency period.
The Nets, who few free-agents on their wish list, released Jack to prevent them from paying his guaranteed salary. Instead of getting $6 million, Jack will instead receive $500K as a result of the transaction. However, any team who will pick Jack off waivers will assume the remainder of his contract.
"The Nets will save $5.8MM with the move, and will free up a little extra cap space by stretching Jack's partially-guaranteed salary out over the next three seasons, per Brian Lewis of The New York Post (Twitter link). Jack will now count against the team's cap for about $167K per year for the next three seasons, rather than $500K in 2016/17," via Hoops Rumors.
Jack, 32, averaged 12.8 points and 7.4 assists in 32 minutes for the Nets last season. Many expected Jack to be picked off waivers as soon as possible because of his reputation as a quality player off the bench.
The Nets, on the other hand, set their sight on several free-agent playmakers, including Rajon Rondo and Jeremy Lin. Rondo expressed interest in Nets, provided they are able to surround him with enough talent. Lin, meanwhile, is searching for opportunity to start again after putting up a solid bench role with the Charlotte Hornets last season.