"The Wizards have reached a buyout agreement with point guard Mike Bibby, according to two league sources. Bibby's agent, David Falk, met with Wizards President Ernie Grunfeld on Monday to get the deal finalized.

The terms have not been disclosed, but a person with knowledge of the situation said Bibby sacrificed a "substantial" amount of money for his freedom. Another source said that he surrendered the entire $6.4 million he was due next season.

A source said that Falk is currently looking for a possible destination for Bibby. Portland, Miami, Boston and possibly Denver are believed to have interest in the 32-year-old Bibby, whom the Wizards acquired from Atlanta in a trade involving Kirk Hinrich.

Bibby, a 13-year-veteran, was upset about being dealt from a playoff contender to a lottery team and had little interest in finishing his career without playing for something. A person close to Bibby said he considered several options, including retirement, after he was traded. He settled for a buyout that allows him to join a contending team.

The Wizards attempted to move Bibby again before the deadline but were unable to find a trade partner. Bibby had to be released by Tuesday in order to be eligible to clear waivers and sign with a playoff contender. "