Wizards forced to cut recently-acquired player after Jared Butler signing

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This week, the Washington Wizards made their latest contract agreement official, signing Jared Butler to a three-year contract. The 23-year-old guard joined the team in July on a two-way contract and has since established himself as a meaningful player in Washington's rotation.

The signing comes three years after Butler was named the NCAA Final Four Most Outstanding Player, leading the way during Baylor's first national championship victory. Since becoming a fixture in the Wizards' point guard rotation over the team's past 15 games, filling in during Tyus Jones' extended absence, Butler has averaged 7.7 points, 4.2 assists, and 1.1 steals in 20.4 minutes per game off the bench.

Washington Wizards reveal Jared Butler contract details

According to a report from Michael Scotto of HoopsHype, Butler's contract is worth $5.83 million over its three-year lifespan, including $1.25 million guaranteed for this season. However, the structure of the contract includes a non-guaranteed salary for the 2024-25 season and a team option for the final year of the deal.

Considering the help Butler has provided coordinating the offense and challenging opposing guards on the defensive end, the deal is a bargain for the Wizards. The terms are very low risk, allowing general manager Will Dawkins the flexibility to move the contract if need be while also giving Butler a much-deserved payday and a bit more job security going forward.

The signing of the contract converted Butler's two-way agreement into a rest-of-season deal, forcing the Wizards to open up a spot on their active roster for the 6'3" guard. The Athletic's Josh Robbins shared on Friday that team officials would be waiving Isaiah Livers in order to make room for Butler on the 15-man roster.