Deron Williams officially waived by Nets, expected to sign with Mavericks

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The disappointing Deron Williams era is over in New York.

The Brooklyn Nets have officially waived Williams, the team announced Saturday.

"I would like to thank Deron for everything he gave the organization over the past 4 1/2 years," general manager Billy King said in the release. "I would like to wish Deron and his family good luck in the future."

Williams and the Nets reportedly reached a buyout agreement that will pay him $27.5 million of the $43.2 million still owed to him on the two years remaining on his contract. The buyout should help the Nets avoid the luxury tax while freeing Williams to sign with a team of his choosing. The Dallas Mavericks are expected to sign Williams to a two-year, $10-million contract once he clears waivers Monday.

Then the New Jersey Nets, the organization surrendered Derrick Favors, Devin Harris, cash, and draft picks that would ultimately become Enes Kanter and Gorgui Dieng to acquire Williams from the Utah Jazz at the 2011 trade deadline. The Nets then doubled down on their bet, signing Williams to an ill-fated five-year, $98.8-million contract the following summer.

While the Nets have made the playoffs in three consecutive seasons, injuries and the general decline associated with aging have 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.

With Williams agreeing to a buyout that pays him 63.4 percent of his guaranteed money, the Nets can now maneuver beneath the luxury tax line. They'll need to use what's called the stretch provision to do so, spreading his cap hit out over the next five years, but with the cap going up and the chance to avoid paying the tax in 2015-16, that's a worthwhile trade-off.

Williams, meanwhile, will return to his home state to play with the Mavericks, who get him at an appreciable discount thanks to the buyout. His performance has declined, but $5 million annually for Williams is great value - he averaged 13 points, 3.5 rebounds, and 6.6 assists this season while hitting 36.7 percent of his threes, numbers worthy of him handling the starting role for Dallas.

He'll also get the chance to reignite what was once a hotly contested rivalry with Chris Paul. The Mavericks are a natural rival for the Los Angeles Clippers following the DeAndre Jordan saga. While Paul is decidedly the better player at this point, a few high-intensity Paul-Williams showdowns will be a fun throwback to 2005-2011.