As expected, the OKC Thunder have decided to terminate Kyle Singler’s final contract year with a Waive and Stretch commission. This is reported by ESPN.
Singler would have made $5 million next season. However, as the Thunder are once again operating in the area of luxury tax, they can reduce their tax obligations from 93.2 million dollars to 73.8 million dollars by dissolving them.
The stretch commission allows a team to split the outstanding salary of the dismissed player over several years. In the case of Singler, OKC will each have a cap hit of $999,000 in the books over the next five years, although this number could decrease slightly if Singler signs up with another team.
This contract termination and Carmelo Anthony’s trade with the Hawks alone has saved OKC 89.5 million dollars in salaries and luxury tax since July 15, ESPN reports.
Singler was cycled from Detroit to OKC during the 2014/15 season, but never really got a foothold there. Last season he was only used twelve times (1.9 points).