The Timberwolves are waiving guard Johnny Juzang, reports Jon Krawczynski of The Athletic (Twitter link). The transaction is official, per NBA.com.
Juzang was among the players on two-way contracts who recently reached their respective 50-game limits, so Minnesota would have had to promote him to its 15-man roster in order to keep him active. Instead, the Wolves will let him go, giving him the opportunity to latch on with a new team before the March 4 deadline for two-way signings.
As Krawczynski observes, Juzang had a big preseason for the Wolves, averaging 13.8 points in 17.6 minutes per game across five outings while making 48.3% of his three-point tries. However, that October production didn’t carry over to the regular season.
Although Juzang was active for 50 regular season NBA games, he only actually saw action in 21 of them and was a DNP-CD in the other 29. The 24-year-old played more than 10 minutes just once and logged 88 minutes in total, rarely playing outside of garbage time.
The move opens up a two-way slot for the Wolves alongside big man Rocco Zikarsky and forward Enrique Freeman.

Do your 2-way NBA games reset based on the remaining games available to 2-way players for the team when you join a new team after exhausting your 50-game limit?
My understanding has always been yes, but I need to double-check that, because the wording in the CBA is somewhat ambiguous and I can’t think off-hand of examples of players who would confirm my reading of the rule (for instance, Chris Youngblood hasn’t signed a two-way contract elsewhere after hitting the 50-game limit with OKC and being waived).