The Nets announced this morning they have waived 6-6 swingman Stephen Graham, whose $1.1 million contract would have become fully guaranteed had he been on the team's roster on Christmas Day, when the NBA season opens.

Graham, who signed with the Nets as a free agent prior to last season, averaged 3.4 points and 2.1 rebounds in 59 games (28 starts) last season. The six-year veteran has averaged 4.0 points and 1.8 rebounds in 239 NBA games.