Pacers Waive Monta Ellis

5:03pm: The Pacers have officially waived Ellis, per the NBA’s transactions log. According to David Aldridge of TNT (via Twitter), Indiana will use the stretch provision on Ellis, stretching his cap hit across five years.

That will create nearly $9MM in extra 2017/18 cap room for the Pacers, which they could use to make an offer to Kelly Olynyk or another free agent.

4:16pm: Confirming that Ellis is being waived, Nate Taylor of The Indianapolis Star tweets that there’s no buyout involved in the transaction, meaning Indiana will remain on the hook for Ellis’ 2017/18 salary unless another team claims him, which is extremely unlikely.Monta Ellis vertical

4:06pm: The Pacers are waiving veteran guard Monta Ellis, according to Shams Charania of The Vertical (Twitter link). Charania’s report doesn’t include any additional details yet, but the two sides were said to be discussing a buyout earlier this week, so it seems they’ve reached an agreement.

Ellis entered the 2016/17 season having started 677 of 710 regular season games since his rookie season, but saw his role with the Pacers reduced last season, and started just 33 of 74 games. The 31-year-old averaged 8.5 PPG and 3.2 APG in 27 MPG, which all represented the lowest marks since his rookie season back in 2005/06.

The contract Ellis signed with Indiana back in 2015 called for him to make $11.227MM in 2017/18 and featured a player option worth $11.69MM in 2018/19. Ellis’ player option is currently non-guaranteed, however, so the Pacers will only be on the hook for his ’17/18 salary if no buyout was reached.

Ellis will be suspended for the first five games of next season for violating the league’s anti-drug policy, but that shouldn’t have a substantial impact on his market as he seeks his next team. He’ll be an unrestricted free agent after he officially clears waivers.

Photo courtesy of USA Today Sports Images.

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