Report: Knicks waive newly acquired Moultrie to make room for Wear

The Knicks were originally planning to waive Travis Outlaw and the veteran forward's $3-million salary to make room for undrafted rookie Travis Wear.

Instead, they traded Outlaw to the 76ers on Monday, along with a second-round draft pick, in exchange for power forward Arnett Moultrie.

Now it turns out they've released Moultrie anyway, according to ESPN's Ian Begley.

The catch, though, is that Moultrie's contract is worth only $1.136 million. Essentially, the Knicks traded a 2019 second-rounder and gave Philadelphia the option to swap second-round picks in 2018 instead of eating Outlaw's salary by waiving him to make room for Wear.

Moultrie, the 27th-overall selection in the 2012 draft, averaged 3.6 points and 3.1 rebounds through two seasons in Philadelphia, but fell out of the rotation last season and appeared in just 12 games.

Wear averaged 8.2 points and 4.1 rebounds - shooting better than 50 percent from the field - in four seasons as an NCAA athlete. The 6-foot-10 forward began his collegiate career at North Carolina before spending his final three years at UCLA.