4:17pm: The move is official, the Suns announced on Twitter.
The decision is the latest in a series of cost-cutting moves for the Suns, who are also cutting ties with Elfrid Payton and Alex Len. Phoenix is maximizing cap room to be aggressive in free agency, with the Bucks’ Jabari Parker and the Celtics’ Marcus Smart as possible targets.
Getting rid of Ulis will save the team $1.54MM for next season. A decision on whether to guarantee his 2018/19 salary was originally due by June 24, but he agreed to let the Suns delay the move until today.
A second-round pick in 2016, Ulis spent two years in Phoenix. He played 71 games this season, starting 43, but the Suns are hoping for a point guard upgrade in free agency, according to Scott Bordow of The Arizona Republic (Twitter link). They drafted Elie Okobo and have Brandon Knight returning from injury, so there may not have been playing time available for Ulis.