Bibby gives up $6 million to leave Wizards

Veteran point guard Mike Bibby(notes) agreed to give up his entire $6.2 million salary for the 2011-12 season to get the Washington Wizards to waive him, a league source told Yahoo! Sports.

Once Bibby clears waivers, he'll be allowed to sign with a contending team. The Miami Heat, Boston Celtics and Portland Trail Blazers have expressed interest in signing him. Because Bibby was waived before March 1, he's eligible for the playoffs.

The Atlanta Hawks traded Bibby to the Wizards in a deal for guard Kirk Hinrich(notes) last week. Bibby, 32, wasn't happy going from a playoff team to a rebuilding franchise and immediately sought a buyout, which was finalized on Monday. He's appeared in the postseason every year but one since 2002.

The Wizards were willing to let go of Bibby because he surrendered so much money.

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