There's a bunch of other threads on this, but if someone is waived using this clause they'll get paid the full amount by their old team. So yes, hypothetically he could sign anywhere he wants for the minimum.
This summer, teams will be given a one-time opportunity to waive one player and eliminate luxury tax on any future contractual payments to that player. The salary will still count towards the cap, and payment will still have to be paid to the player according to the contract, but the team will not be subject to tax on that player’s contract

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