Timberwolves waive Anthony Bennett

The Minnesota Timberwolves officially severed ties with the first overall pick of the 2013 NBA Draft.

Power forward Anthony Bennett was waived by the Timberwolves on Wednesday after they reportedly reached a buyout agreement earlier this week.

"In speaking with Anthony and his representatives over the past few days, we came to the conclusion that this was the best outcome for both parties," interim general manager Milt Newton said in a press release.

"When you look at our team, our deepest position is probably power forward. This move balances out our roster while also allowing Anthony another opportunity in the NBA."

Bennett reportedly left $2 million on the table in agreeing to the $3.6-million buyout. He also forfeited the $7.3-million team option the Wolves would've had on him for the 2016-17 season.

Nevertheless, Bennett could still recoup his money if a team claims him off waivers over the next 48 hours. Only the Philadelphia 76ers, Portland Trail Blazers, and Utah Jazz can open up the requisite cap room for Bennett's $5.8-million salary next season.

Related: What would be the best landing spot for Anthony Bennett?

"He has a lot of talent and his play this summer internationally made this a difficult decision for us," Newton said.

The UNLV product hasn't done well in the NBA since he was selected first overall by the Cleveland Cavaliers in 2013. He struggled to stay on the floor after battling shoulder, asthma, sleep apnea, and vision issues.

He's failed to impress in the 515 career minutes to his name, averaging 4.7 points, 3.4 rebounds, and 0.6 assists on 39.3 percent shooting from the floor.