JULY 11, 7:00pm: The Sixers have officially used the amnesty clause on Brand, David Aldridge of TNT reports (Twitter link). Teams can submit bids for Brand over the course of the next week for either his full $18.16MM salary or a portion of it. John Hollinger of ESPN.com says the Mavs are likely to make a bid, and can do so for up to $9.2MM (Twitter link).
JULY 6, 11:12am: The Mavericks are one under-the-cap team that will have interest in Brand, tweets ESPN.com's Marc Stein. David Aldridge of TNT tweets that the Nets will be interested as well, but they wouldn't have a shot at the power forward unless he clears waivers.
10:10am: The 76ers will exercise the amnesty provision on Elton Brand to clear the final year of his contract from their books, reports Adrian Wojnarowski of Yahoo! Sports (via Twitter). The move, which can't be made official until the amnesty period begins on July 11th, will clear $18MM+ in salary from the team's books.
With news that the Sixers had reached an agreement with Nick Young for more than the mid-level exception, it became clear that Philadelphia had decided to amnesty Brand, as I wrote in our post on the Young agreement. The move will leave the Sixers with five players under contract when the offseason begins, reducing their total guaranteed salaries to about $32.7MM. Contracts for Spencer Hawes, Lavoy Allen, and Young will be added to that figure, but should still leave Philadelphia with a decent amount of room under the cap, especially if the club renounces Lou Williams.
As for Brand, Wojnarowski tweets that there will be "significant interest" among teams to claim Brand off amnesty waivers. It's worth noting that amnesty waivers gives first dibs to clubs with cap space. Contenders like the Heat, Knicks, Lakers, and Clippers, among other over-the-cap teams, will only have a shot to sign Brand if he clears waivers.
For a refresher on the amnesty process, including details on how the bidding works, check out our Hoops Rumors glossary entry on the topic.