What happened: The transaction, reported by ESPN, occurs on the day his $10 million salary was scheduled to become fully guaranteed. The decision formally releases the veteran.

Why it matters: By shedding the contract, the Denver Nuggets preserve offseason maneuverability. The organization avoids committing further resources to its frontcourt rotation before the new campaign.

What to watch: Valanciunas is expected to generate interest from multiple franchises as he navigates free agency.