The Philadelphia 76ers have used the amnesty clause to alleviate themselves of the final year (and $18M) of Elton Brand's contract.Brand's services will now be up for auction to the other NBA teams. The 76ers still have to pay his salary, but it won't count against the salary cap, giving them extra space to spend that money elsewhere.
Brand averaged 11 points and 7 rebounds a game for the 76ers last season.
If a team bids on him in the auction, the 76ers will only be responsible for the difference between that $18M and his new salary.
In other words, if a team bids $10M on Brand, they will pay him that money, and the 76ers will pay him $8M to equal $18M total.
If he clears waivers without receiving any bids at all, which is highly unlikely, Brand will then be a free agent. In that case, the 76ers would have to pay him the entire $18M, regardless of what deal he reaches with a new team.
This was done solely for the cap space, and the 76ers have already started taking advantage of it, signing Nick Young to a 1-year deal worth $6M.
So basically the amnesty wire favors under the cap teams, so the highest bidder will take on part not all of his salary. If he clears amnesty wire with no takers, then he enters free agency and Brand can pick his team.
7/6/2012 11:42 AM