David Aldridge of TNT confirms that the Portland Trail Blazers intend to waive Anderson Varejao, who they acquired from the Cleveland Cavaliers earlier this morning. By using the stretch provision, the Blazers can spread out their debt over the next five seasons, paying $3.28 million this season and $1.96 million in each subsequent season through 2020-21.
Portland will waive Anderson Varejao, I’m told; if so, he will certainly have a few suitors from among contending teams.— David Aldridge (@daldridgetnt) February 18, 2016
By taking on this minimal burden, the Blazers were able to acquire a 2018 first round pick from the Cavaliers (although the details of how this would work are shaky). After factoring in money saved by moving closer to the salary floor via Varejao's contract, the first round pick will cost the Blazers about $5 million in salary payments. It also cost them back up point guard Tim Frazier, who was waived in order to make room for Varejao's contract. The Blazers have since replaced Frazier with Brian Roberts in a deal with the Miami Heat.
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