Lakers and Luol Deng reach buyout agreement

Lakers Waive Luol Deng

Lakers Waive Luol Deng

The Los Angeles Lakers officially announced the waiving of veteran forward Luol Deng on Saturday afternoon.

Deng signed a surprisingly massive four-year, $72 million deal during the summer spending spree of 2016. The $18 million he'll be paid for 2018-2019 is already committed, but since the Lakers chose to do the stretch-and-waive after August 31, they will be able to stretch the remaining $18.8 million Deng is owed over the next three years.

The 33-year-old Deng's deal is a remnant of the administration of former Lakers basketball boss Jim Buss and general manager Mitch Kupchak.

They unloaded Timofey Mozgov's bloated contract by attaching D'Angelo Russell to him in a trade with the Brooklyn Nets.

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ESPN reported that Deng walked away from $7.5 million of the $36.8 million remaining on his contract.

He only played in one game for Los Angeles last season.

The two-time All-Star felt he didn't fit well into coach Luke Walton's up-tempo system, and he apparently declined to rejoin the rotation when the Lakers were slowed by injuries. With waive and stretch provision, Lakers have cleared $38M in salary cap space in 2019 free agency.

Deng is likely to find a home quickly as a free agent.

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