re: Michael Beasley Signs Contract with Miami Heat

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According to a report in The Arizona Republic, the Suns bought out Beasley's contract, which was $9 million. Writer Paul Coro reported: "(Suns President of Basketball Operations Lon) Babby negotiated to reduce Beasley's salary for this season from $6 milliion to $4.67 million and next season's guaranteed $3 million of a $6 million salary to $2.33 million.

Using the waive-and-spread provision of the collective bargaining agreement, the Suns will spread that $2.33 million in payment and cap hits over the years to $778,000 annually. The buyout, along with the ability to spread next year's salary, creates $1.4 million in cap space this year (now about $6.7 million of total space) and $2.2 million more of cap space next year."

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