When the Sacramento Kings traded for Wayne Ellington, it was understood that he would likely never play a game for the franchise.
That will prove to be the case as today the Kings waived the former North Carolina star. Marc Stein of ESPN broke the news and stated that the team used the stretch provision to make the move. The provision will allow the Kings to stretch out Wayne Ellington’s salary over the next few years.
Sacramento, I’m told, waived Wayne Ellington on Sunday, which was last day teams could apply waive-and-stretch provision to coming season.
The process will allow the Kings to pay the remaining portion of Ellington’s salary over twice the number of years remaining on his contract, plus an additional year. Being Ellington only had $2.5 million dollars left on his deal (which expired at season end) the Kings will be able to stretch his salary over the potion of three seasons.
Many questioned why the Kings didn’t just waive Travis Outlaw, who was traded to the New York Knicks in exchange for Wayne Ellington. That was due to the fact that Outlaw had signed his deal with the Brookly Nets under the previous CBA and was longer eligible to be waived via the stretch provision.
Sacramento currently sits about $8 to $8.5 million under the luxury tax assuming they waive all the incoming talent from the Houston Rockets (as expected).