Joakim Noah is no longer a New York Knick.
The team announced on Saturday that they are outright waiving the 33-year-old center, who had two years remaining on his deal.
Because Noah would not agree to a buyout, the Knicks still owe him the remaining $37.8 million, but can spread the money out into smaller cap hits over the next three years.
The Knicks previously explored trading Noah, but it became clear earlier this week that they would waive him if they could not find a trade partner.
The Knicks will use the stretch provision to lessen the annual cap hit, but they will continue to pay him $6.4 million annually through 2022, per Stefan Bondy of the New York Daily News.
Former Knicks president Phil Jackson signed Noah in 2016 to a four-year, $72 million contract but he played in just 52 games over two seasons.
His tenure was marred by two surgries, a 20-game PED suspension and a testy relationship with head coach Jeff Hornacek.
Things reached a boiling point between Noah and Hornacek in January when the two had to be separated during a practice session on a West Coast trip. Noah was exiled from the Knicks following the incident.
The Knicks also waived Jeff Coby and Kadeem Allen.