As referenced to in a post from earlier today, final rosters had to be submitted by Monday at 5:00 p.m. As of this morning, the Celtics had 17 players under contract, two over the permitted amount, and therefore had to make two roster cuts before the looming deadline.
Despite working hard to reduce the roster by two players through a trade, the Celtics, unable to find a trade worth doing, waived Perry Jones III and Corey Walden. Although most assumed Jones would be part of the final cuts, Adam Himmelsbach of the Boston Globe reported tonight that was not the case.
Source says Celts knew there wasn't a market for Perry Jones, but they liked him & probed other trades w/thought of keeping PJ. No deals tho— Adam Himmelsbach (@AdamHimmelsbach) October 24, 2015
Jones, who came to the Celtics in a trade with the Oklahoma City Thunder over the summer, struggled to earn minutes during his five preseason appearances. Overall, he averaged 8.3 MPG, 2.0 PPG, and 1.6 RPG.
Even though Jones was waived and will not be playing for Celtics this year, Boston will still have to pay his guaranteed $2 million salary, and the salary will also continue to count against their cap this season. However, the CBA allows for the $2 million the Celtics owe him to be reduced, or set-off, by any amount Jones earns from another team this season, which is very likely to happen. For example, if Jones signs with the Philadelphia 76ers for $1.5 million, the Celtics will only owe him $500,000. If he signs a deal for $2.5 million, the Celtics will not owe him any of the $2 million salary.
However, any set-off amount will not be applied until after the final game of the year, but it will ultimately be applied retroactively. The reason the CBA does it this way is because Jones' salary with the Celtics of $2 million is guaranteed, and it will not be clear how much he earns from another team or teams until the regular season is over. For example, he could sign a non-guaranteed deal and be released halfway through the season.
As for Walden, Adam Himmelsbach reported earlier this evening that the non-roster invitee will remain within the Celtics organization and start the upcoming season playing for the Maine Red Claws of the NBADL.
Perry Jones and Corey Walden waived by the Celtics. Walden's agent says the former EKU guard plans to play for the Maine Red Claws.— Adam Himmelsbach (@AdamHimmelsbach) October 24, 2015
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Max Sandgrund 10/24/2015 10:58:00 PM Tweet Edit