Love, who started 11 games last season, was set to make $750,000 in base salary. His agent expects Love to clear waivers and then be available to sign with a team at the veteran minimum of $630,000.
"He's disappointed but he told me this is just a minor blip he's expecting to overcome," Love's agent Richard Kopelman said to USA Today. "He's a great guy with a wife and a baby he's supporting. The goal is to get back healthy, play for a new team and set himself up for a big contract next season."