In order to get off the Los Angeles Lakers roster and, hopefully, back onto the basketball court, Luol Deng gave up nearly $7.5 million when he agreed with the Los Angeles Lakers stretching his contract on the buyout.
The Lakers will use the waive-and-stretch provision on Deng's remaining salary.
The 33-year-old Deng's deal is a remnant of the administration of former Lakers basketball boss Jim Buss and general manager Mitch Kupchak.More news: Who is Sam Patten?
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Deng was due to make $36.8 million over the final two years of his contract, but he's giving back a decent chunk of money.
Buss and Kupchak were dismissed seven months later, and Magic Johnson's administration went to work ridding itself of lengthy commitments. The parties are finalizing a buyout that would allow Deng to enter free agency. The Lakers requested waivers on the veteran forward, the team announced on Saturday. The buyout gave the Lakers an additional $1.3M in savings compared to a $6.3M cap hit had Los Angeles waited until next summer and waived/stretched Deng. Stretching Deng will open up an additional $12.5 million in cap space. He played in one game last season before falling entirely out of the rotation.