Simmons was due to earn $5.7 million next year, but waiving the 6-foot-6 wing will only cost $1 million for the Wizards.
Washington acquired Simmons during draft night, with the Philadelphia 76ers trading the four-year veteran and the 42nd overall pick for cash. The Wizards then drafted Tennessee's Admiral Schofield in the second round.
Simmons last played for the Sixers and Orlando Magic during the 2018-19 NBA season. The Magic sent him to The City of Brotherly Love at the trade deadline in February of this year with a first- and second-round pick in the deal that netted the Magic former first overall pick Markelle Fultz, the guard out of the University of Washington.
Simmons entered the 2012 NBA Draft after a one-and-done collegiate season at the University of Houston. He would go undrafted before working his way to the San Antonio Spurs' G League affiliate, the Austin Spurs. He finally got a call-up and found a spot on San Antonio's roster.
Simmons had a nice stretch in the playoffs for Gregg Popovich's Spurs — at one point averaging 10.5 points in 15 postseason games in 2017. Simmons leveraged that stretch and signed a multi-year deal with the Magic as a free agent in the summer of 2017.
The 29-year-old has averaged 8.3 points, 2.4 rebounds, and 1.9 assists in 258 career appearances, shooting 44.3% from the field, 31.7% from 3, and 75.6% from the free throw line.