Wizards Buy Out Bibby's Contract

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    NEWSLETTERS

    TK
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    WASHINGTON, DC - FEBRUARY 26: Mike Bibby #00 of the Washington Wizards controls the ball against the Dallas Mavericks at the Verizon Center on February 26, 2011 in Washington, DC. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Rob Carr/Getty Images)

    As first reported today by NBC Washington's Dan Hellie on Twitter, the Wizards have bought out the remainder of newly acquired guard Mike Bibby's contract.

    Bibby was acquired last week in a trade that sent Kirk Hinrich to Atlanta. But he was so anxious to get out of D.C. and get to a playoff contender that he gave up nearly all of the money he was owed -- which was $6.2 million for next season.

    There are several teams interested in Bibby for a playoff run, including the Blazers, Celtics and Heat. An NBA source told Hellie that Bibby likely will end up in Miami.

    With 13 nearly NBA seasons under his belt, Bibby wants a ring. In Miami he has a chance to win and contribute. Bibby would likely move right into the starting lineup ahead of both Mario Chalmers and Carlos Arroyo

    It will take 48 hours for Bibby to clear waivers, so any deal won't be announced until Wednesday.