6:10pm: Jennings will receive $1.2MM for the rest of the season, tweets Marc Stein of ESPN.com. However, because the Knicks will save half of any amount over $875K, Jennings will wind up with a net of about $1MM, notes cap expert Albert Nahmad (Twitter link).
Washington is Jennings’ fourth team in the past two seasons. He signed a free agent deal with the Knicks last summer and averaged 8.6 points and 4.9 rebounds over 58 games before agreeing to a buyout on Monday. He is expected to be the new backup to John Wall in Washington.
“Brandon gives us playmaking ability and experience at the guard position while adding another scoring option as well,” said Wizards GM Ernie Grunfeld. “His presence, along with the recent acquisition of Bojan Bogdanovic and the continued progression of Ian Mahinmi, will help our team as we continue our push towards the playoffs.”