Report: Thunder waive Singler to save $23.4M in 2018-19

The Oklahoma City Thunder are cutting costs.

The team will waive the remainder of Kyle Singler's contract, saving the team over $23 million this season, league sources told ESPN's Adrian Wojnarowski.

Singler is owed $5 million for the 2018-19 season with a non-guaranteed team option for 2019-20. Under the stretch provision, his remaining salary will be paid out over the next five seasons at an annual cap hit of just $992,000, according to ESPN's Bobby Marks. In addition to spreading out Singler's salary, the move decreases the Thunder's luxury tax burden, dropping their expected penalty for the 2018-19 season from $93.2 million to $73.8 million.

The 6-foot-8 forward was a bit player in parts of four seasons with the Thunder. In 138 regular-season appearances with Oklahoma City, Singler averaged 3.2 points and 1.8 rebounds per game.