Capology question about Rasheed Wallace

[JamStone]

For all you expert capologists:

So I'm having a discussion with someone about Rasheed's salary. His salary next year was guaranteed when he signed the contract. Now that he's retiring, does that salary come off the books for the Celtics? Pretty simple question.

I was under the impression since it was guaranteed, it stays on the books.

A site/link would also be helpful.

[baseline bum]

http://www.hoopsworld.com/Story.asp?story_id=16636

By: Larry Coon Last Updated: 6/29/10 8:23 AM ET | 1590 times read
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Today we go to the mailbag and answer a couple questions.

Rasheed Wallace says he's going to retire. What happens to the Celtics' cap? Does his salary come off?

When a player is under contract, he's expected to show up at the team's training camp and be available for the season. That's what the team is paying him for. If the player decides he's ready to hang 'em up before his contract is over – like Rasheed Wallace – he can file retirement papers with the league. But he doesn't get to walk away from the game and keep earning his salary. If he retires, then he forfeits any remaining salary, and the salary comes off the team's books.

One recent example of this came when Jason Williams signed with the LA Clippers in August 2008. Williams thought better of the decision a little over a month after signing, and filed retirement papers with the league. His salary came off the Clippers' books.

Should Wallace decide to file retirement papers with the league, $6,322,320 would come off the Celtics' books next season.

The team and player can reach an agreement whereby the team continues to pay the player in retirement, but this is rare. This happened when James Worthy retired from the Lakers in 1994. Any amount the team pays the player in retirement continues to count against the team's cap.

If the player doesn't show up and doesn't file for retirement, then he's technically under breach of contract. The team could either seek to void the contract, or suspend the player without pay. If the contract is voided then it comes off the team's books; but if the player is suspended without pay then the cap hit (and taxable salary) would remain.

Read more NBA news and insight: http://www.hoopsworld.com/Story.asp?story_id=16636#ixzz0sJ0rHCdp

[InRareForm]

will celtics buy out his contract to be nice?

[N4th4n]

No, they will use it as a trad chip. If he waits to file the paperwork his contract can be used as instant cap relief.

[noob cake]

With PP opting out, Celtics just got a max salary slot.