NBA Free Agency: Sixers waive Gerald Henderson

The Sixers announced on Friday that they have waived veteran small forward Gerald Henderson.

President of Basketball Operations Bryan Colangelo gave a statement on Henderson being waived, thanking him for his contribution to the rebuilding process.

“We want to thank Gerald for being the consummate pro that he is and for adding so much to our growing basketball program and culture," Colangelo said. "Gerald’s professionalism, leadership and basketball contributions were a big part of our organization’s development this past year."

Henderson, 29, spent just one year with the Sixers after signing with them last July. He averaged 9.2 points and 2.6 rebounds while shooting just 42.4 percent from the field, his worst field goal percentage since his rookie season. Henderson was frequently bothered by an ailing hip problem, but managed to play in 72 games, and started in 41.

The move to waive the Episcopal Academy graduate makes a lot of sense. Henderson’s $9 million salary would have been fully guaranteed if the team did not waive him by June 30th. Instead, the team will owe him just $1 million instead.

Factoring in how much Henderson will now count against the cap (just $1 million), as well as Markelle Fultz’s contract, the Sixers have just $46 million committed in salary (assuming T.J. McConnell and Richaun Holmes’s contracts become guaranteed).

Philadelphia will certainly be in the market to find a small forward to backup Robert Covington with the departure of Henderson. Despite having the most cap space out of NBA team, they now have $8 million more to play with when free agency begins on July 1.