Pacers use stretch provision to waive Monta Ellis

The Indiana Pacers put a close to a past poor free agency decision today by waiving Monta Ellis according to various media outlets.

Ellis still had 2 years and $22.9 million left on his 4 year, $44 million contract, but the second year is voided because of a strange quirk to his contract that eliminates his player option if he’s waived before the end of the 2017-18 regular season.

David Aldridge reports that the Pacers will use the stretch provision to spread his remaining salary out over five years, so the Pacers will gain nearly $9 million in cap space this season, but lose a little over $2 million in space for the next four years.

The Pacers were rumored to be trying to clear cap space earlier in the day for Kelly Olynyk, though the reasons remain unclear as the Pacers already have too many bigs on the roster.

We’ll have to wait and see what Kevin Pritchard does with his new found cap space.

Ellis struggled during his two years with the Pacers as his skills seemed to rapidly deteriorate. He scored his lowest points per game totals since his rookie season in each of his two years.

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