3:57pm: The Grizzlies officially confirmed that they have waived Waiters, via a team press release (Twitter link).
3:39pm: The Grizzlies have waived Dion Waiters, acquired from the Heat in a three-team deal that also sent Justise Winslow and Gorgui Dieng to Memphis, according to Shams Charania of The Athletic and Stadium (Twitter link). A prior report had suggested that Waiters would not be long for Memphis.
The 6’3″ shooting guard, 28, was taken with the No. 4 pick by the Cavaliers in the 2012 NBA draft. He had productive, albeit erratic, seasons with the Cavaliers, Thunder and Heat before injuries and off-court issues marred his output. Waiters has not played more than 46 games since the 2015/16 NBA season. He has suited up for just three games this season.
The 26-26 Grizzlies are prioritizing youth and upside as they build around promising young stars Jaren Jackson Jr. and Ja Morant. While Waiters had to be included in the deal with Miami for salary-matching purposes, he wasn’t in Memphis’ long-term plans.
Charania notes that Waiters will be paid in full by the Grizzlies for the remainder of this season and his complete $12.6MM salary for the 2020/21 season, the final year remaining on the four-year, $52MM deal he signed with the Heat in 2017.