The Spurs and Antonio McDyess agreed on an extension of the guaranteed-salary deadline for the 11-12 season.
McDyess had to be waived by midnight Thursday if the Spurs were to avoid paying him $5.2 million next season.
The Spurs proposed extending the deadline to the first day of the next player free agency period.
McDyess had indicated that he plans on retiring, but the Spurs believe a lockout shortened season may change his mind.