5:13pm: With the Nikola Mirotic trade now official, Pondexter has formally been waived.
12:57pm: The Bulls intend to waive veteran sharpshooter Quincy Pondexter, reports Shams Charania of Yahoo Sports (Twitter link). The move will clear a second roster spot for Chicago, allowing the team to accommodate the incoming players in a three-for-one trade with the Pelicans.
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Pondexter, who will turn 30 in March, missed the last two NBA seasons while dealing with health problems that were viewed as potentially life-threatening. However, he was able to get back on the court this season, playing for the Bulls after a September salary-dump trade sent him from New Orleans to Chicago.
Although Pondexter has been able to play again, he hasn’t been his old self — in 23 games (8.5 MPG) for the Bulls, he has averaged just 2.0 PPG with a dismal .286/.136/.824 shooting line. Coming into 2017/18, he owned a career .424 FG% and .365 3PT%.
Pondexter’s $3,853,931 salary will remain on the Bulls’ cap for this season, but that’s not of major concern to the franchise, since team salary remains below the minimum floor for 2017/18. Pondexter’s contract expires at season’s end, so Chicago won’t be on the hook for any future salary.