""The Memphis Grizzlies reached a buyout agreement and waived guard Steve Francis, Grizzlies' General Manager and Vice President of Basketball Operations Chris Wallace announced today. The 6-3, 210-pound guard has not appeared in a game with the Grizzlies or Houston Rockets this season after he was acquired from Houston on Dec. 24, 2008" Didn't we already buy out his contract?
He was able to sign an additional contract (actually had to sign one) since the terms of the Portland contract (except for the financials) were voided at the time of that buy-out. What I do find comical, however, is that the move by Houston to trade Francis was basically a salary-dump in order to stay away from the luxury tax. The fact that Francis then did not play in Memphis and was finally waived seems like yet another lopsided trade, this one with cap implications, involving Chris Wallace.
You would think after so many buyouts that maybe teams would learn a lesson, but unfortunately they do not pay attention to current events.
i think it was actually more like 5 million for 2 years. memphis helped houston AND miami (livingston) get under the tax threshold, lowering their own luxury payment. go figure.
He's now Steve Franchises. His new mission is to get paid for not playing for every team in the league.
And while giving up draft picks in the process. I have no idea wtf Chris Wallace is doing over there. We're the only team he's really screwed over, or made a move that's made sense for them.
Plus they turned the Lakers from a good team to a borderline great team with the Gasol deal that came before the deadline last season. If this was the Clippers and Donald Sterling, Sports Illustrated would be running a story on this situation.
