It sounds more dramatic than it is, but the Clippers cleaned up some paperwork today:
Clippers renounced rights to Lamar Odom, Chauncey Billups. Clippers still interested in signing Odom to a deal, sources
— Brad Turner (@BA_Turner) July 10, 2013
The motivation to do this is that between the guaranteed contracts currently on the Clippers and the cap holds of their free agents, Los Angeles would fall above the tax apron of approximately $75.6 million. Lamar Odom’s cap hold this season was $12.3 million. Chauncey Billups’ cap hold was $7.6 million. Being over the tax apron would prevent the Clippers from executing the sign & trade deal for J.J. Redick.
It’s mostly a mundane accounting matter, and it doesn’t preclude the Clippers from bringing back Odom or Billups, but it does remove the incentive for either veteran to re-sign with the team. By renouncing the Bird rights of the players, the Clippers can only offer them the veteran’s minimum. Whether mutual interest still exists at this price is something that remains to be seen.