Brooklyn Nets Waive Cam Thomas, Haywood Highsmith

The Brooklyn Nets made their three-team deal with the Toronto Raptors and LA Clippers official today. The Nets have traded the draft rights to 29-year-old Serbian shooting guard Vanja Marinkovic to the Clippers, and have received Ochai Agbaji, a 2032 second-round pick (via TOR) and cash considerations (via LAC).

Shortly after, the team waived one of its top scorers in Cam Thomas. Per ESPN's Shams Charania: "Allowing the scoring guard to enter free agency, sources tell ESPN. The Nets made the decision to allow Thomas to find a new home."

The Raptors acquired Chris Paul as part of the deal, but he is expected to be waived. Agbaji, the 14th overall pick in the 2022 NBA Draft, is averaging 4.3 points and 2.3 rebounds per game this season.

As a result of trade, the Nets announced that they have waived forward Haywood Highsmith. The 29-year-old veteran has not played for Brooklyn this season due to recovery from the knee surgery he had in the offseason.

Last season with the Miami Heat, Highsmith averaged 6.5 points, 3.4 rebounds and 1.5 assists on 45.8% shooting from the field and 38.2% from three. He was a rotation piece for the Heat over the previous three seasons, making a name for himself as a 3&D wing in the playoffs.

Brooklyn had to waive Highsmith, as taking on Agbaji put the team over the roster limit. Highsmith is set to enter free agency after signing a two-year, $10.8 million contract with Miami in 2024.

Agbaji, on the other hand, is on the final year of his rookie contract, making just under $6.4 million this season. He will enter restricted free agency this summer.

Highsmith was praised by the Nets coaching staff in the preseason for his leadership and locker room presence. The 6-foot-5 veteran was a voice for the younger players as Brooklyn goes deeper into a rebuild.

Thomas is an even bigger deal, having been one of the team's leading scorers the past several seasons, despite dealing with various injuries. He was set to enter restricted free agency, but is now available to find a new landing spot.

Brooklyn has the most amount of salary room in the league right now, with nearly $9 million in cap space. The organization has extreme flexibility, which could result in more trades to take on players in exchange for also acquiring draft capital.

The goal for the Nets right now is to develop the youth they already have while also getting enough draft picks to add to the young core and complete a lengthy rebuild.