The Brooklyn Nets have waived point guard Deron Williams, the team announced Saturday.
“I would like to thank Deron for everything he gave the organization over the past 4 ½ years,” said Nets general manager Billy King in a statement. “I would like to wish Deron and his family good luck in the future.”
Williams will clear waivers Monday night. The Nets have agreed to buy out Williams's contract, according to multiple reports. TNT's David Aldridge first reported the Nets and the three-time All-Star reached the agreement. ESPN's Marc Stein confirmed the report.
Williams will become a free agent after clearing waivers, at which point he is expected to sign with the Dallas Mavericks, according to both reporters.
Williams' contract with Dallas will be a two-year deal worth around $10 million, according to Stein, who reported that the Dallas native had been angling to join the Mavericks, Stein reported Friday.
The point guard has two seasons and $43 million left on a five-year, $99 million contract he signed with Brooklyn during the 2012 offseason. He is scheduled to make $21 million next season.
Brooklyn was unable to trade Williams despite the Sacramento Kings' interest earlier in the season.
Williams, 31, averaged 13.3 points and 6.6 assists in 68 games last season while shooting a career-low 39% from the field.
By releasing him, the Nets will be allowed to pay Williams his remaining salary over the next five seasons.
If Williams is waived by Aug. 31, his remaining salary will be paid over twice the number of years remaining on his contract, plus one additional year, according to the NBA's stretch provision.
Williams played high school basketball in The Colony, Texas, before spending three seasons at the University of Illinois.
Williams has averaged 17 points, 8.5 assists and 3.2 rebounds across 11 NBA seasons.
- Scooby Axson and Jeremy Woo