Raptors Buy Out Marcus Camby

THURSDAY, 6:06pm: The Raptors and Camby have completed the buyout, tweets Ian Begley of ESPNNewYork.com. Begley says Camby is a free agent now, but the veteran center will have to clear waivers first. Camby is hoping to play two more years before getting into coaching, as Zwerling reported today.

WEDNESDAY, 11:05pm: Camby and the Raptors are still working on the details of the buyout, which has not yet been finalized, reports Jared Zwerling of ESPNNewYork.com. Still, an agreement remains in place and the parting of ways should be official by the end of the week, Zwerling writes. The Heat, Rockets, Bulls and Clippers are the front-runners to sign Camby once he clears waivers and becomes a free agent, Zwerling hears.

2:05pm: The Raptors have agreed to a buyout with Marcus Camby and have released him, the team formally announced today (Twitter link). Marc J. Spears of Yahoo! Sports reported last night that Toronto was expected to reach a buyout agreement with Camby.

Camby, 39, was sent back to Toronto, where he started his NBA career, in the trade that saw the Knicks acquire Andrea Bargnani. Not long after the move was agreed upon, the veteran big man expressed some unhappiness with being traded to a non-contender, and Marc Berman of the New York Post reported shortly thereafter that Camby had asked to be traded or bought out.

Camby was set to earn $4.38MM in 2013/14 and was on the books for a $4.18MM salary the following season, though only about $1.03MM of that second year was guaranteed. I would guess that Camby probably agreed to give up that second-year guarantee in his negotiations with the Raptors, though the terms of the buyout aren't known. The move also reduces the cap hit for Toronto, since the club can apply the stretch provision to Camby's deal.

Assuming Camby clears waivers, which seems like a safe bet, he'll be free to sign with any team except the Knicks, who are ineligible to re-add him until next July. However, according to Spears, other contenders like the Clippers, Bulls, and Rockets could have some interest.

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