By Spike Eskin
PHILADELPHIA (CBS) – In a move that was reported last week, the Sixers officially announced today that they have waived forward Elton Brand and have designated him as the team’s amnesty player.
NBA teams were given the opporutnity to use the amnesty clause on one player, to be used before the currenct collective bargaining agreement ends. The player must have signed the contract with their current team, and the contract must have been signed before the current CBA was agreed upon. Brand was scheduled to make $18.1 million for the Sixers this season.
Here’s how the clause works:
Brand’s $18.1 million salary will not count aganst the Sixers 2012-13 salary cap (which is $58.1 million), though Brand will be paid the entire salary. The next step of the process involves a blind auction, in which teams place bids on what they will pay Brand this season. If Brand’s contract is selected in the blind auction, the Sixers will be on the hook to pay the remaining salary. Example: if the top bid is the Mavericks, and is for $6 million, the Sixers would have to pay the remaining $12.1 million. If Brand’s contract is not bid on in the auction, he will become an unrestricted free-agent, and the Sixers will owe all $18.1 million.
The Sixers are not eligible to re-sign Brand this season.
Andre Iguodala spoke about what the Sixers will miss by not having Brand this season, listen to what he had to say AT THIS LOCATION.