Cousins had one year left on his deal. If the Kings and Cousins did not agree on an extension by the Oct. 31 deadline, they still would have been able to make him a restricted free agent, meaning they could match any offer for Cousins at the end of the season.
Cousins averaged 17.1 points, 9.9 rebounds, 2.7 assists and 0.7 blocks last season.
The team did not specify an exact recovery time but he is expected to return "some time in the new year."
Also, center Kwame Brown strained his right hamstring during offseason workouts and is getting a second opinion.
Budinger will visit Dr. James Andrews in Birmingham, Alabama early next week.
Budinger averaged 9.4 points and 3.1 rebounds in 22.1 minutes over 23 games last season. He missed 59 games after having surgery on the same knee.
The Golden State Warriors announced they signed 2012 second round draft pick, center Ognjen Kuzmic, to a contract.
Golden State also added free agent forward Joe Alexander to the training camp roster.
The Orlando Magic signed rookie forward Romero Osby, the team announced. Osby was the Magic's second-round draft pick in June.
The Miami Heat signed guard Roger Mason Jr. to a contract, the team announced.
Last season, Mason appeared in 69 games, including 13 starts, for New Orleans and averaged 5.3 points, 1.9 rebounds, 1.1 assists and 17.7 minutes while shooting 43.3 percent from the field and 41.5 percent from three-point range.
The Los Angeles Lakers signed center Dan Gadzuric to a contract, the team announced.
The 7-foot Gadzuric is a 10-year NBA veteran who spent the 2012-13 season playing with Marinos de Anzoategui in Venezuela.
The Washington Wizards announced the signing of four players: forwards Josh Childress and Pops Mensah-Bonsu, guard Xavier Silas and center D'Or Fischer. (Editing by Frank Pingue)
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