The Sixers announced that they are releasing Wood to make room for journeyman swingman Sonny Weems, waived by the Phoenix Suns a few days ago. Yahoo Sports' Shams Charania was first with the scoop:
Like last year’s post-deadline waiver claim of Thomas Robinson, this move is financially motivated. According to Basketball Insiders, the Sixers' total salary was at $60.3 million entering today. If they do claim Weems’ $2.8 million cap hit, the Sixers will nudge over the $63 million salary floor. The floor is the minimum amount of money teams are required to spend on player salaries.
Reaching the floor late in the game saves the Sixers money because while their books officially say that Weems is making $2.8 million, the team is actually only on the hook for what is owed the remainder of the season. That number is somewhere in the general neighborhood of $648,000.
(Maybe I should get Jimmy to do a stick figure of Sam Hinkie doing some salary cap gymnastics.)
On the surface, it’s hard to imagine that the 29-year-old Weems is in the Sixers’ plans long term. A 39-percent shooter in 2015-16, Weems’ salary is non-guaranteed for the 2016-17 season.