Unable to find a trading partner, the Nets have requested waivers on G Jarrett Jack, the team announced Thursday.
Jack had been owed $6.3 million for the coming season, but only $500K of that was guaranteed. The rest of the salary would have become guaranteed had Jack remained on the Nets' roster beyond today.
Brooklyn saves $5.8 million with the move, and will free up even more cap space by stretching Jack's partially-guaranteed salary out over the next three years, according to Brian Lewis of the New York Post. For the next three seasons, Jack will count against the team's cap for around $167K per year.
If Jack is claimed off waivers by another team, that team will take on the $500K guaranteed to Jack, thus wiping that money off of Brooklyn's cap.
The Nets are trying to trade Jack before Thursday's buyout deadline, reports Adrian Wojnarowski of The Vertical.
If the Nets are unable to trade Jack, they'll likely waive him in order to save $6 million, according to Wojnarowski.
Jack, 32, suffered a torn ACL in January but is expected to be ready for training camp.
He averaged 12.8 points, 7.4 assists, and 4.3 rebounds in 32 games this past season for the Nets.