Indiana Continues Rebuilding As They Waive Monta Ellis

It was announced today that Indiana has waived their back guard Monta Ellis.

Ellis, 31, has played the past two seasons in Indiana, averaging 11.3 points and 4.0 assists in 155 games. He lost his starting job last season. The NBA also announced that he would be suspended for the first five games next season for a violation of the league's anti-drug policy. "according to http://www.espn.com/nba/story/_/id/19864808/indiana-pacers-waive-monta-ellis

He had two years left on his original contract with the Pacers. By releasing the 12-year veteran, Indiana saves about $9 million on the salary cap and won't have to pay next season's salary. "according to http://www.espn.com/nba/story/_/id/19864808/indiana-pacers-waive-monta-ellis

According to ESPN's Bobby Marks, the Pacers have two options when it comes to the waiver. They can elect to stretch Ellis' contract over five seasons with a $2.2 million cap charge or take the full $11.3 million guaranteed cap hit. They have 48 hours to make a decision. "according to http://www.espn.com/nba/story/_/id/19864808/indiana-pacers-waive-monta-ellis

By stretching the contract, the Pacers would have a projected $25 million in room under the cap. Although Ellis' contract was non-guaranteed for 2018-19, NBA rules count that season in the formula used for stretching a player. "according to http://www.espn.com/nba/story/_/id/19864808/indiana-pacers-waive-monta-ellis

The move is the latest in the Pacers' rebuilding project that began with last week's blockbuster trade that sent four-time All-Star  Paul George to Oklahoma City for Victor Oladipo and Domantes Sabonis. "according to http://www.espn.com/nba/story/_/id/19864808/indiana-pacers-waive-monta-ellis

Ellis has averaged 17.8 points, 4.6 assists and 3.5 rebounds during a career spent with Golden State, Dallas, Milwaukee, and Indiana. "according to http://www.espn.com/nba/story/_/id/19864808/indiana-pacers-waive-monta-ellis

Will Monta Ellis get picked up by another team during the off-season?