The Charlotte Hornets will use the waive and stretch provision on Nic Batum to create the necessary cap space to sign Gordon Hayward to his four-year, $120 million deal.
Batum's $27 million salary for the 20-21 season will be stretched over three seasons. Batum appeared in just 22 games last season with the Hornets.
The Hornets entered the offseason with approximately $20 million in cap space. Charlotte signed Batum to a five-year, $120 million deal in 2016.