Sources: Nets, Deron Williams reach buyout agreement
Deron Williams' tenure with the Nets apparently has come to an end that will allow both parties to move on from a rocky marriage.
Williams and the Nets have reached a buyout agreement, according to league sources, and the point guard will become a free agent once he clears waivers. He reportedly wants to join his hometown Dallas Mavericks.
Williams, 31, who had two years left on his five-year, $98-million contract, is scheduled to receive $27.5 million of the remaining $43 million he was owed, a source said.
The Nets plan on using the stretch provision to spread his salary-cap number of $5.5 million through the 2020 season. By doing so, the Nets reduced their salary-cap figure for 2015-16 by roughly $15.5 million, which should drop them below the luxury-tax threshold of $84.7 million.
The Nets still have plenty of bodies at point guard. Barring any other moves, the rotation will revolve around Jarrett Jack, Shane Larkin and Steve Blake.
Parting with Williams represents a change in philosophy for the Nets. General manager Billy King previously said there wasn't any chance Williams would be bought out or waived through the stretch provision. But the chance to get long-term relief and payroll flexibility as the Nets try to get younger was too good to pass up.
Williams was hampered by an assortment of injuries during his time with the Nets and shot a career-low 38.7 percent from the field this past season. He was a non-factor in the first-round playoff loss to the Hawks. Other than a 35-point outburst in the Nets' Game 4 win after he was criticized by former teammate Paul Pierce in an article, Williams was consistently beaten by Jeff Teague, Atlanta's quick point guard.
Since re-signing in 2012, Williams had a frosty relationship with many people he frequently interacted with. Now he will have a new home and a fresh start, and the Nets will have cap relief for the expected 2016 free-agent bonanza headlined by Kevin Durant, making the split a win-win situation for both sides.