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The New Orleans Hornets have bought out the contract of Rashard Lewis, who is expected to clear waivers and become a free agent. Considering the size of Lewis' contract and his cap number for next season, this is hardly surprising news. Lewis was set to make $23 million next season, part of which will still count against the Hornets' cap.
Hornets, as expected, are waiving Rashard Lewis today to send Lewis to free agency. Buyout costs 'em nearly $14 mil but saves roughly $9 mil
— Marc Stein (@ESPNSteinLine) June 30, 2012
New Orleans traded for Lewis prior to the NBA Draft, sending Emeka Okafor and Trevor Ariza to the Washington Wizards in exchange. He never lived up to his max contract during his time with the Orlando Magic, with his production and health taking a significant downturn over the past three seasons.
For more on the Hornets, head over to At The Hive.