The Pelicans are waiving veteran guard Elfrid Payton, reports Shams Charania of ESPN (Twitter link).
Payton, who had been out of the NBA since the 2021/22 season, caught on with the Pelicans last month on a non-guaranteed contract and was one of the feel-good stories of the fall.
The Louisiana native, who played in Puerto Rico and the G League while trying to make his NBA comeback, immediately jumped into the starting lineup for his hometown team and posted a 14-point, 21-assist, seven-rebound line in his third game back.
However, the Pelicans have been getting healthier, with both Dejounte Murray and CJ McCollum recently returning to the team’s backcourt, which resulted in a reduced role for Payton. He logged just six minutes in Monday’s loss to Atlanta.
New Orleans should be getting a couple more players back this week, with Shams Charania of ESPN reporting on The Pat McAfee Show (YouTube link) that Brandon Ingram and Herbert Jones appear on track to play Thursday.
The Pelicans are operating slightly over the luxury tax line and have no desire to be a taxpayer this season, so there’s certainly a financial reason involved in the decision to waive Payton. Leaving that 15th roster spot open for the time being would reduce New Orleans’ projected tax bill and make it easier for the team to duck out of tax territory with a trade later in the season.
Payton’s 14 days on the Pelicans’ roster and two days on waivers will result in a cap charge of $274,809 for New Orleans, assuming he clears waivers. As Bobby Marks tweets, the team will be about $1.4MM above the tax line and $3.8MM below the first apron after jettisoning Payton.