The Los Angeles Lakers used its amnesty provision on Thursday and waived Metta World Peace, the L.A. Times reports. After clearing World Peace's contract from the books, the Lakers signed free agent guard Nick Young in hopes of becoming a better three-point shooting team.
It was inevitable that somebody was going to be waived via the amnesty clause this summer. With only four players eligible to be waived, and those four players in the last year of their contracts, World Peace became the odd man out.
Kobe Bryant is untouchable, Pau Gasol is returning to center and Steve Blake provides depth at the guard position. The mercurial small forward had to go.
Waiving World Peace became necessary with the hefty repeater tax penalties looming around the corner for the 2014-15 season. Letting World Peace go saved the Lakers close to $15 million dollars in luxury taxes, according to L.A. Times, and helped the team get closer to getting under the tax line.
If the Lakers can finish this season under the tax line, the organization will accrue one nonpaying tax season and be saved from immediately getting hit by the repeater tax when it goes in to effect.
It also saves the team from sign-and-trade restrictions, which could hurt the Lakers in free agency next year - both LeBron James and Carmelo Anthony are eligible next summer to become free agents. Had the Lakers retained World Peace and gone over the tax line for the third straight year, the team's ability to rebuild through free agency and trades would have been severely hindered due to new taxpayer restrictions.
"It's tough to say goodbye to a player such as Metta, who has been a significant part of our team the past four season," Lakers general manager Mitch Kupchak said in a statement. "For anyone who's had the opportunity to get to know him, it's impossible not to love him. ... We thank Metta for all his contributions and wish him the best of luck in the future."
World Peace's greatest moment with the Lakers came in Game 7 of the 2010 NBA Finals, where he made a clutch three-pointer to help Los Angeles defeat the Boston Celtics and win the championship.
Also on Thursday, the Lakers signed Young to a one-year deal worth $1.2 million. Young, who has traditionally played the 2-guard, has the height and some experience to play small forward.
His three-point shooting should help Los Angeles better space the floor, an area the team struggled in last season.
