The Associated Press reports that Matt Geiger retired from the Philadelphia 76ers on Wednesday because of an arthritic condition in both knees.

Geiger, on the injured list since Nov. 9, hasn't been with the team for a few days. He missed 47 games last season because of various leg problems.

The Sixers made the announcement during the first quarter of the game Wednesday night against the Detroit Pistons.

The Sixers waived Geiger upon his retirement. Philadelphia is in position to apply for a Disabled Player Exception, potentially worth a little more than $4 million. However, the Sixers are already in position to pay the Luxury Tax. The cost to acquire a replacement could cost Philadelphia over $8 million with the dollar-for-dollar tax.

As with most career-ending injuries, most of Geiger's remaining salary will likely be covered by insurance. The Sixers may be able to remove Geiger's salary from their Salary Cap in two years; one year prior to the expiration of Geiger's current contract.