The Cleveland Cavaliers have decided to waive Baron Davis through the league's amnesty clause.
The Cavaliers announced Wednesday night that they're releasing Davis in advance of Friday's amnesty deadline after exploring both trade and buyout possibilities with the former All-Star.
Rougly $27 million of the nearly $30 million left on Davis' contract is guaranteed. The Cavs would still have to pay Davis all that money if they send him away, but the amnesty clause in the new labor agreement -- unlike the 2005 version -- give teams salary cap relief as well as tax relief on a player released via amnesty.
"We would like to thank Baron for his contributions to the team during his time in Cleveland," general manager Chris Grant said in a statement. "He has been an absolute professional since the day he joined the Cavs and we now wish him the best in the future."
Once he's formally released, Davis will first be made available to teams with salary cap space in a waiver auction. That's the mechanism which allowed the Los Angeles Clippers to put in a winning blind bid of just over $2 million for Chauncey Billups after Billups was released by the New York Knicks via amnesty.