Bulls waive Jay Williams

NBA rules claim that a player has to be put on waivers after a team and the player reach an agreement on the contract.

The former Duke standout, who was seriously injured in a motorcycle accident, will receive nearly $3 million of the $7.7 million he had left on his contract.

"Jay’s accident was tragic and unfortunate," said Bulls Executive Vice President of Basketball Operations John Paxson. "We look forward to watching the progress of Jay’s rehabilitation and remain hopeful he can some day rejoin our team. But at the same time this allows us roster flexibility as we move forward."

Williams, the No. 2 pick in the 2002 NBA Draft, suffered a fractured pelvis and three torn knee ligaments in addition to severing a main nerve in his leg as a result of the crash last June.

The buyout frees up a roster spot for the Bulls and gives them added salary cap flexibility.

In the meantime, Williams continues to undergo rehabilitation at Duke University Medical Center with the hopes of someday resuming his playing career.

During his rookie campaign, Williams appeared in 75 games, including 54 starting assignments, and averaged 9.5 points, 4.7 assists, 2.6 rebounds and 1.15 steals per game.