Porter came off the bench in 11 games last season but only averaged 4.9 MPG. Porter, 21, went undrafted in 2019 out of Missouri.
Porter, the brother of Nuggets forward Michael Porter Jr., underwent multiple knee surgeries before making his NBA debut in April. He also played for the team’s G League affiliate, the Memphis Hustle, at the Orlando bubble.
Porter was signed to a three-year, $6MM deal last November but the salaries in the last two years of the deal were not fully guaranteed. He would have been owed $1.95MM for next season if he had remained on the roster past August 18th.
Memphis will incur a $300K cap hit for waiving Porter, ESPN’s Bobby Marks tweets.