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Report: Pacers have waived Monta Ellis

Monta Ellis looks during Game One of the Eastern Conference Quarterfinals during the 2016 NBA Playoffs on April 16, 2016 (Photo by Tom Szczerbowski/Getty Images)

INDIANAPOLIS, Ind. – According to a report, the Pacers have waived guard Monta Ellis.

Sharms Charania with The Vertical first had the report.

He came to Indianapolis on July 12, 2015, when he signed a four-year deal worth $44 million.

Nate Taylor with the IndyStar reported that by waiving Ellis, his salary of $11.7 million will not count against the salary cap in 2018-19.

Taylor also reports that if no team claims Ellis off waivers in the next 48 hours, he will become an unrestricted free agent.

That’s likely to occur due to the $11.23 million owed to him this upcoming season.

On Monday, reports surfaced that the Pacers were discussing a potential buyout with Ellis.

A buyout was not reached and the team will owe him over $11 million this season, according to Taylor.

The Pacers have made a stretch provision decision on the $11.23 cap hit Ellis is owed this season.

According to a report by David Aldridge, the Pacers are stretching the cap hit over five seasons, at a rate of $2.2 million per season.

Stretching the cap hit gives the Pacers around $22 million in cap space this season. If they would have elected to not stretch it, the team would have had around $13 million in cap space this year.

The move free up around $9 million in space.

Ellis was facing the bench no matter what team he played for next year to start the season, as on June 16 he was suspended for violating the league’s anti-drug policy.

The veteran saw his minutes and scoring dip significantly last year under Coach McMillan.

He averaged 8.5 PPG and averaged under 30 minutes per games (27) for the first time since his rookie year in 2005-06.