SUNDAY, 2:11pm: The Sixers made the move official in an emailed press release.
SATURDAY, 4:14pm: The Sixers have waived forward Gerald Wallace, Marc Stein of ESPN.com reports (on Twitter). MassLive’s Jay King first reported the move was coming (Twitter link). Philadelphia will still be on the hook for Wallace’s fully guaranteed salary of $10,105,855 for the 2015/16 season, which is the final year of the veteran’s current contract. The team could possibly recoup some of that amount via set-off rights if Wallace were to sign with another team.
The move is not an unexpected one for Philadelphia, as Wallace likely didn’t fit it into its long-term plans. The 33-year-old was acquired from Golden State at the end of July in the deal that sent Jason Thompson to the Warriors. Waiving a player is also a necessary move for the Sixers, who have contract agreements with 21 players, which is one over the preseason maximum.
Wallace appeared in 32 games for Boston last season, averaging 1.1 points, 1.8 rebounds, and 0.3 assists in 8.9 minutes per contest. He was the No. 25 overall pick in the 2001 NBA Draft, and his career averages are 11.9 PPG, 5.8 RPG, and 2.1 APG to accompany a shooting line of .469/.312/.709.