Veteran point guard Reggie Jackson, who was officially waived by the Hornets on Tuesday, reached a buyout agreement with the team that created the path for his exit, league sources tell Michael Scotto of HoopsHype (Twitter link). According to Scotto, Jackson gave up $3.3MM as part of the buyout.
Hoops Rumors has confirmed that Jackson surrendered exactly $3,303,771, which is the amount the 34-year-old will earn with the Sixers once he clears waivers and signs a new minimum-salary contract with Philadelphia.
The move reduces the amount of dead money on the Hornets’ books from $5,250,000 to $1,946,229, creating a little extra financial flexibility for the club. Charlotte is over the cap but has plenty of breathing room (approximately $16MM) below the luxury tax line.
As for Jackson, he’ll ultimately earn the same $5.25MM salary that he would’ve if he’d remained on his previous contract. He’ll be paid $1,946,229 by the Hornets and $3,303,771 by the Sixers — plus, he’ll now have the opportunity to play for a team much closer to title contention. He was traded from Denver to Charlotte earlier in the offseason.
Jackson is the second veteran point guard to give up money in a buyout agreement in recent days, joining Russell Westbrook, who surrendered $1.7MM when he was waived by the Jazz. Raptors forward Sasha Vezenkov was also bought out this week, having given up his entire $6.66MM salary to get out of his NBA contract in order to return to Greece.
I like it. Not quite as much as I would have liked a back up 4/5 guy, but adds some experience and depth at the 1 spot.