The Pistons will not be using the stretch provision on DeAndre Jordan‘s contract, according to James Edwards III of the Athletic. In a follow-up tweet, Edwards says that Jordan was officially waived today.
Edwards notes that Jordan gave back $4MM of the $19.7MM that was left on his contract in his buyout agreement with Detroit. As a result, his base salary will by lowered by $2MM each season, resulting in cap hits of approximately $7.9MM per year.
The deadline to use the stretch provision on a player’s 2021/22 salary is September 11, per ESPN’s Bobby Marks, so the Pistons had the option of stretching Jordan’s remaining salary across five years instead of two, which would’ve resulted in annual cap hits of about $3.15MM, creating more short-term financial flexibility at the cost of long-term freedom.