One week after acquiring him via sign-and-trade in the three-team Karl-Anthony Towns blockbuster, the Hornets have waived guard Duane Washington, the club announced today in a press release.
The move had been expected, since Washington was only included in the Towns trade for salary-matching purposes — if he hadn’t been part of the deal, New York would have had to add another player from its active roster to the deal to make it a legal trade. Even though he never actually appeared in a game for them, the Knicks were able to sign-and-trade Washington because he finished last season on a two-way contract with the club.
Prior to being signed-and-traded from New York to Charlotte, Washington had been playing for KK Partizan in Belgrade, Serbia. The Knicks had to pay Partizan a buyout (believed to be worth $850K) to free him up for the Towns deal. The expectation is that the 24-year-old will now rejoin the Serbian club on a new contract.
Washington’s $2,162,607 salary for 2024/25 was fully guaranteed and will remain on the Hornets’ books for the rest of the season. However, Charlotte acquired more than enough cash from New York in the Towns trade ($7.2MM) to cover the salaries for Washington and the two others players sent to the Hornets (DaQuan Jeffries and Charlie Brown).
The second and third years of Washington’s contract were non-guaranteed, so they’ll come off Charlotte’s cap now that he has been placed on waivers.
As a result of the transaction, the Hornets are now carrying 15 players on fully guaranteed contracts, with Taj Gibson on a minimum-salary contract that’s partially guaranteed for about $1.08MM. In all likelihood, Charlotte will end up waiving at least one of Jeffries or Brown prior to opening night in order to make room for Gibson on the team’s 15-man regular season roster.