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Bidding System in Place for “Amnesty” Cuts
Posted By HOOPSWORLD On November 27, 2011 @ 3:50 pm In All,Headlines,NBA Headlines | No Comments
The Sun Sentinel confirmed Sunday that instead of players being released under the league’s “amnesty” provision going directly to the open market, a bidding system has been put in place for teams operating below the league’s salary cap to add such players at a deep discount.
“That’s what the clause is in there for,” a party familiar with the impending process Sunday told the Sun Sentinel. “It’s so the Lakers can’t go in and scoop up all the players.”
Under the amnesty program, a team can waive a player in order to remove his salary from its salary cap and luxury tax, while still paying out the balance of that contract. It had been widely assumed that such players then would immediately hit the open market.
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