Found November 28, 2011 on Celtics Life:
98070163
I've been reading all over about how all these players are going to be released under the new Amnesty Clause. I've also heard about how all these players will be heading straight to contending teams. But that isn't exactly how it will all work out. Here's the reality: After a player is placed on waivers, under the Amnesty Clause, he will first have to pass a 2 day period where any team can claim his full contract. After those 2 days pass he will then be entered into a bidding war. During this time teams will offer the highest bids to take on that player. The original team will then be stuck paying the total contract value minus what the player is paid on his new team. Here's a great example from Chris Sheridan Let’s say the Orlando Magic decide to release Gilbert Arenas, who has $62 million remaining on his contract over the next three years, including $19.2 milion in the upcoming season. Arenas would first be placed on waivers, and it is safe to say that ...
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