Under the NBA's new CBA, teams are now allowed to carry up to three two-way contract slots, one more than they've been able to in seasons past. Two-way contracts have become a good way for teams to carry their second round picks without them counting against the regular 15-man roster. The Charlotte Hornets did so with their second round pick from the 2023 NBA Draft. They also signed undrafted UNC standout Leaky Black to another one of their two-way contract slots. The Hornets final two-way contract slot was occupied by Xavier Sneed but the team cut him on Thursday as per Rod Boone of The Charlotte Observer.
#Hornets have waived Xavier Sneed.
— Rod Boone (@rodboone) August 3, 2023
Xavier Sneed joined the Hornets last season on a ten-day contract after playing most of the year with their G League affiliate the Greensboro Swarm. Once the season ended, the Hornets then converted Sneed's deal to a two-way contract. The team did have a two-way qualifying offer out to Theo Maledon and cutting Sneed now paves the way for them to re-sign Maledon.
Sneed went undrafted in the 2020 NBA Draft and he signed with the Hornets for training camp. He didn't make the regular season roster and ended up with the Swarm. He re-joined the Hornets the following season for training camp but was once again one of the final roster cuts. Sneed didn't breakthrough to the NBA until late in the 2021-22 season when the Utah Jazz signed him to a two-way contract.
The former Kansas State star has played in a total of 13 NBA games over the past two seasons with the Grizzlies, Jazz and Hornets.