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The Memphis Grizzlies have waived Marc Gasol.

The Grizzlies traded for Gasol from the Los Angeles Lakers last week.

Gasol is expected to return to Spain to continue his playing career.

Via RealGM Staff Report

The_Hater wrote:‘Waive’ seems so harsh, everyone knows he was traded there to retire in Grizzlies uniform. That’s a better term.

GeeDubs wrote:Memphis running a straight charity these days. Respect to Gasol but all these Griz buyouts are crazy. $5 mil in cost for a Lakers second rounder…

"What is a contract buyout?
Sometimes players and teams decide to divorce each other. They do this by mutually agreeing that:

The team will waive the player

If the player clears waivers, the player's guaranteed salary will be reduced or eliminated (see question number 63)

Optionally the team's set-off rights (see question number 65) may be waived.

After the player clears waivers, he and his former team are free to go their separate ways. There is a quid-pro-quo between the player and team regarding contractual obligation and salary -- in exchange for gaining his freedom, the player agrees to give the team a break on the remaining salary he is owed."

GeeDubs wrote:Memphis running a straight charity these days. Respect to Gasol but all these Griz buyouts are crazy. $5 mil in cost for a Lakers second rounder…

puja21 wrote:

GeeDubs wrote:Memphis running a straight charity these days. Respect to Gasol but all these Griz buyouts are crazy. $5 mil in cost for a Lakers second rounder…

Not $5M <-- this amount was Gasol's total for 2 years, signed by the Lakers at the veteran minimum salary

With one year left it cost Memphis $2,692,991 (in cap space at least) and the Lakers sent $250K with that pick

But in reality, it may have cost them nothing and they actually get $250K and the pick to free up the roster spot for LA:

http://www.cbafaq.com/salarycap.htm#Q66
Larry Coon:

"What is a contract buyout?
Sometimes players and teams decide to divorce each other. They do this by mutually agreeing that:

The team will waive the player

If the player clears waivers, the player's guaranteed salary will be reduced or eliminated (see question number 63)

Optionally the team's set-off rights (see question number 65) may be waived.

After the player clears waivers, he and his former team are free to go their separate ways. There is a quid-pro-quo between the player and team regarding contractual obligation and salary -- in exchange for gaining his freedom, the player agrees to give the team a break on the remaining salary he is owed."