The Philadelphia 76ers’ offseason spending spree will force them to part ways with Paul Reed.
Per ESPN’s Adrian Wojnarowski, the Sixers are going to waive Reed since his contract for the 2024-25 season was non-guaranteed.
Wojnarowski reported prior to the news about Reed that Philadelphia was signing Caleb Martin. The Sixers previously agreed to a four-year, $212 million deal with Paul George on Monday.
In addition to George’s contract, Tyrese Maxey agreed to his max extension worth an estimated $203.9 million over five years.
The combined deals for George, Maxey and Joel Embiid will account for $135.8 million next season.
President of basketball operations Daryl Morey has been doing a good job of surrounding his star trio with quality players on low-cost deals. None of the other deals that have been agreed to thus far are worth more than $8 million in 2024-25.
The 76ers were $10.3 million under the first apron and $21.1 million under the second apron prior to the Martin deal. Waiving Reed will save the team $7.7 million next season.
Reed signed a three-year, $23 million offer sheet with the Utah Jazz as a restricted free agent in July 2023. The Sixers matched the deal, which would have kept him under contract through 2025-26, to retain him.
The 25-year-old Reed was the 58th pick of the 2020 draft by Philadelphia. He gradually developed into a quality backup big behind Embiid over the past four seasons.
Reed set career-highs last season in games played (82), starts (24), points (7.3), rebounds (6.0) and blocks (1.0).
Waiver claims aren’t common in the NBA—there were only three last season, none after Dec. 17. It wouldn’t be a surprise if a team put in a claim during the 48-hour waiver period rather than let him becomes a free agent.
Given his age and performance in a limited role, Reed should have no problem finding a new team if he hits the open market.