In order to get off the Los Angeles Lakers roster and, hopefully, back onto the basketball court, Luol Deng gave up almost $7.5 million when he agreed with the Los Angeles Lakers stretching his contract on the buyout. ESPN's Adrian Wojnarowski posted this brewing development on his Twitter account.
“ESPN reporting with
@ramonashelburne: In buyout with Lakers, Luol Deng walked away from $7.5M on the $36.8M left on his contract. With waive and stretch provision, Lakers have cleared $38M in salary cap space in 2019 free agency.”
From a financial standpoint, the Lakers are benefiting in this waive and stretch provision. Bobby Marks of the ESPN wrote a piece on it.
“The stretch provision on the Luol Deng waiver projects to be right at $4.99M that will hit the Lakers cap from 2019-20 to 2021-22. The buyout gave the Lakers an additional $1.3M in savings compared to a $6.3M cap hit had Los Angeles waited until next summer and waived/stretched Deng. Los Angeles will have a cap hit of $14.3M this year and are still are over the cap.”
In the summer of 2016, the Lakers acquired the 33-year old's services with a four-year, $72 million contract. Some thought the deal was a bit overblown and it didn't take long while for the Lakers to move Deng from its playing rotation to clear room for more playing time for the team's developing young stars.
With the buyout certain happening, Deng will be able to sign with a contending team this season as the veteran forward seeks a long-coveted championship ring.
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