Suns complete buyout of Wallace
Paul Coro
The Arizona Republic
Ben Wallace was gone before he was here.
The Suns completed a contract buyout Monday for Wallace, whom they acquired for such financial motivation in the Shaquille O'Neal trade in June. The Suns negotiated a $10 million buyout for a contract that would have paid him $14 million this season.
The Suns could save $8 million as a result of the buyout, because next season's payroll projects to exceed a $69.9 million luxury-tax threshold, kicking in a dollar-for-dollar penalty for the excess.
The O'Neal deal with Cleveland ultimately could be worth $18 million to the Suns in payroll and tax savings if the other acquired player, Sasha Pavlovic, is waived. He has only $1.5 million guaranteed in a $4.95 million salary but could be an attractive trade chip.
Wallace, 34, was expected to accept a buyout after saying this off-season that he was considering retirement. Last season, he suffered injuries and appeared far less athletic than in 2006, when he was named the NBA Defensive Player of the Year.
The ability to buy out Wallace was tied into the Suns' free-agency pursuits of forward Grant Hill and big man Channing Frye. Hill will receive his two-year, $6.24 million contract today, also when Frye is introduced as the newest Suns player.
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