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Allen Iverson's time in Memphis is over.

The Grizzlies announced Monday in a statement that the team has ended its one-year contract with the 10-time All-Star and former league MVP in what it called a mutual agreement. Iverson is expected to be placed on waivers by 6 p.m. ET Monday, a league source told ESPN.com's Chris Sheridan.

Under the agreement, Iverson will receive only a fraction of the $3 million he was scheduled to earn. If he clears waivers, he will become an unrestricted free agent on Wednesday night.

"The Grizzlies and Allen Iverson have come to a mutual agreement that because of personal matters that forced him to leave the team on Nov. 7, Allen will step away from the game at this time, allowing him to focus on those matters," Grizzlies GM Chris Wallace said in a statement. "As a result, we will be ending our contractual agreement with Allen, which will allow both parties to move forward. We wish Allen the best."

Iverson has been on a personal leave of absence for 10 days. Grizzlies owner Michael Heisley had told Iverson's agent, Leon Rose, earlier Monday that team wanted to know soon whether Iverson would play or retire, the Memphis Commercial Appeal reported on its Web site.

In three games since returning from a hamstring injury, Iverson averaged 12.3 points and 3.7 assists in 22.3 minutes as a reserve.

So is that it for him?

On a side note, man you know its rough when the punk ass Grizzlies cut you. A.I would be focused and mad as hell if he put on the orange and blue...whats the problem, here? What am I missing?

crzymdups wrote:over the summer i was advocating signing Iverson.

what's the point now? we're 1-9, in free fall. the course of action now should be to try and unload some of the expiring assets who have talent for picks. and play the kids. iverson will only take shots away from gallo, toney and jordan hill.

I'd agree with you if we had a draft pick. Just stay the course and hope we can grab a franchise talent in the draft. That pick is figuring to be a P.R disaster for years to come if it turns out as a number one.

Signing A.I wouldnt have any long term financial ramifications, and the effect it would have on the development of young guys is certainly questionable.

Moving players for picks is even more of a reason to do this because we still need actual talent on the court. I dont want to sit through no damn 15-67 season.

Now, however, I honestly don't think there is a reason we shouldn't go after him. What is there to worry about?

Gallo doesn't get as many shots as he should be getting either way. With Iverson on the team, he will probably get as many shots as he does now. Hell, Iverson typically passes the ball like crazy when he first joins a team, Gallo might even be better off.

Hill has a decent jump shot but he needs to get better as so many other things that adding Iverson shouldn't really affect him. As for Chandler, heck, I'd be thrilled if AI tool shots from him because Wilson can't shoot either way. And I wouldn't worry about Tony either. Douglas is good enough defensively that he can still contribute without shooting the ball a ton. Plus, rookies don't have to score a lot their rookie seasons to develop. The kid works hard enough that he will get better no matter what.

Iverson can still score and he would help our feeble offensive game a lot. Plus, you can tell a lot of these guys lost confidence and don't even think they are capable of winning anymore. If you bring in a guy like Iverson, they will be a new team with a fresh start. It is the "we just added a star" effect that gives a team a nice short term boost.

crzymdups wrote:not sure.

it'd be nice to think donnie was actually thinking about this instead of taking a nap during practice.

And it not worth thinking....
He has much more problems that satisfy crying fans.

sebstar wrote:This is a must-do situation. Walsh has to do this! This is shaping up to be the worst season in franchise history. A.I can add scoring and some much needed buzz and positive P.R...I expect him in an Knicks uniform by tomorrow at the latest.

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Allen Iverson is on the Knicks' radar. Donnie Walsh confirmed tonight that the club will explore signing the former MVP, who parted ways with the Memphis Grizzlies.

Once Iverson clears waivers on Wednesday he will become a free agent and can negotiate with any club.

Is he a good fit for the Knicks? They are 1-9 and desperately need a scorer. However, the Knicks are rebuilding and there is a chance that Iverson's presence would hinder the development of Danilo Gallinari and rookie Toney Douglas.

jimimou wrote:ai on the knicks = instant fan placation and who knows they might even scrape out a couple of wins. at a minimum, and no matter what your personal opinion of him is, one thing is for certain, he will infuse some life into this team.

sign me up

in almost any other year and in any other situation with the Knicks I would say no to signing AI. But the Knicks suck so much and are leaderless and heartless, I would consider it. BUT, and it's a must, Douglas must be in the guard rotation at at least 20 minutes per or more at Duhon's expense. It's a must.