Mavericks 'welcome home' new signing Deron Williams

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One team's onerous contract became another's bargain deal.

The Dallas Mavericks announced Tuesday that they've signed Deron Williams, who was waived by the Brooklyn Nets on Saturday.

Williams signed a two-year deal worth $10 million, according to Marc Stein of ESPN, and Williams will own a player option for the second season.

Despite falling out of favor in Brooklyn, Williams remains a productive player, and the Mavericks land him on a below-market deal. He returns to his home state, where he'll look to rehabilitate his value and help Dallas recover from the unfortunate DeAndre Jordan saga that left its roster somewhat thin heading into 2015-16.

Williams averaged 13 points, 3.5 rebounds, and 6.6 assists last season while hitting 36.7 percent of his threes, numbers worthy of the starting role in Dallas. He stands as a reminder that underperforming a contract doesn't preclude a player from contributing in a meaningful way, and this could be the fresh start his reputation needs.

Related: Mavericks may offer Deron Williams salvation from rocky career

The signing could also allow Williams to reignite his early-career rivalry with Chris Paul, as the Mavericks are a natural adversary for the Los Angeles Clippers following the Jordan situation. While Paul is decidedly the better player at this point, a few high-intensity Paul-Williams showdowns will be a fun throwback to 2005-11.

The Nets bought out the final two years of Williams' deal in a cost-cutting move, and Williams took a significant discount on the remaining portion of his deal to be granted his freedom. The buyout reportedly pays Williams $27.5 million of the $43.2 million that was owed to him for 2015-16 and 2016-17, and once the Nets use the stretch provision on the remainder of Williams' contract, they will have surprisingly worked their way under the luxury tax line.

Related: How Williams' buyout works, and how the Nets get below the tax

While the Nets have made the playoffs in three consecutive seasons, injuries and the general decline associated with aging sapped Williams of the talent that once made him one of the top point guards in the game. As his production eroded, his contract became more onerous, and the Nets' presence in the luxury tax made moving Williams a priority in the 2014-15 season.