Mike Bibby has indeed received a buyout from the Washington Wizards, freeing him to go play for a contender and still be eligible for the 2011 NBA playoffs. But to do so, Bibby really had to pay for it. He ended up sacrificing his entire $6.2 million salary for 2011/12, according to a report by Yahoo! Sports' Marc Spears.
Guard Mike Bibby agreed to give up entire $6.2 million salary for the '11-'12 season to get buyout with Wiz to play for winner, source says.
That means that the Wizards were able to wipe away Bibby's salary from their books for next season. Instead, Bibby will only get the equivalent of his $5.7 million salary for this season, pro-rated for the number of games left on the schedule.
This situation is relatively unprecedented in the NBA. In recent years, Antonio McDyess sacrificed his entire $6.8 million salary for the next year to get bought out by the Denver Nuggets in 2008. Last summer, Rasheed Wallace decided to walk away from the two years and $13 million left on his deal for the Boston Celtics to retire.
Bibby is likely to join the Miami Heat once he clears waivers in 48 hours, according to Sam Amick.