Anthony Bennett's buyout with the Minnesota Timberwolves was for $3.65 million, while his scheduled salary was for $5.8 million.
If he clears waivers, he may have to sign a minimum salary contract worth $947,000, thereby forfeiting about $1 million from his original salary.
Bennett was unlikely to receive much playing time in the Wolves' crowded frontcourt.
"When you look at our team, our deepest position is probably power forward," Wolves GM Milt Newton said in a statement issued by the team. "This move balances out our roster while also allowing Anthony another opportunity in the NBA. He has a lot of talent and his play this summer internationally made this a difficult decision for us."