12:46pm: The Clippers have officially waived Farmar, the team announced. That leaves the team with 13 players on its roster.
12:08pm: There will be a buyout involved, Woike clarifies (on Twitter), so Farmar will apparently forfeit part of his salary.
11:43am: The team is set to waive Farmar today, Woike tweets. It’s unclear what sort of progress, if any, the sides were able to make on arranging a buyout deal as part of the release.
8:02pm: The Clippers and Farmar hope to reach an agreement on a buyout by this evening, Marc J. Spears of Yahoo! Sports reports (Twitter link).
3:29pm: The Clips continue to work to see if they can trade Farmar, but the general feeling is that they’ll waive him by day’s end, according to Markazi (Twitter link).
3:15pm: The Clippers will waive Jordan Farmar, reports Marc Stein of ESPN.com (Twitter link). Dan Woike of the Orange County Register had reported a few minutes earlier that the Clips had planned to either trade or waive the point guard (Twitter link). They’d been trying to trade Farmar for a while, but his player option, worth more than $2.17MM for next season, made it too tough a task, according to Arash Markazi of ESPNLosAngeles.com (on Twitter).
The Kings reportedly had discussions about trading Ramon Sessions for Farmar, but it’s unclear if those talks involved the Clippers or if they were internal. Farmar is seeing a career-low 14.7 minutes per game this season and has apparently been dissatisfied with his limited role.
The Clippers have been carrying 15 players, including Dahntay Jones, who’s on a 10-day deal. They’re poised to give up two players and take back only Austin Rivers in a three-way trade with the Celtics and the Suns, so cutting Farmar would leave the team with two open roster spots, with another to come open at the end of Jones’ 10-day contract. The Clippers are reportedly interested in Nate Robinson, who’s agreed to a buyout with the Celtics.
Farmar’s salary of $2.077MM for this season would remain on the Clippers’ books, and count against the team’s hard cap, unless another team were to claim him off waivers, which seems unlikely. All contracts with player options contain a clause stating whether or not the player would receive the salary for the option year in the event he’s waived before he has a chance to exercise it. It’s unclear what Farmar’s deal stipulates in this regard, but if he’s to receive his salary for next year, it would count against the Clips’ books for 2015/16.