JULY 11, 9:16pm: The Blazers have placed Williams on waivers, the team announced via Twitter. Teams will now have a week to place a claim on him before he becomes an unrestricted free agent.
JULY 6, 1:33pm: The Trail Blazers have reached an agreement to buy out the final year of Shawne Williams' contract, tweets SI.com's Sam Amick. Williams, who exercised his player option for 2012/13, was slated to earn $3.135MM in the coming season.
When the move becomes official, Williams will become an unrestricted free agent. The Blazers, meanwhile, will take a cap hit worth a portion of Williams' salary, but will free up a little room and a roster spot.
Amick, who also first reported that the two sides were nearing an agreement on a buyout, speculates (via Twitter) that two of Williams' former teams, the Nets and Knicks, could have some interest in the 26-year-old. The former 17th overall pick could also be a fit for the Lakers, Amick adds.