Wood was set to earn $1.6 million next season if he wasn't waived before the first regular-season game. Instead, the Pelicans will pay half that sum and let him walk.
New Orleans claimed the athletic big man off waivers from the Milwaukee Bucks late last season. In eight appearances for the Pelicans down the stretch, the UNLV product put up 16.0 points, 7.9 rebounds, and 1.3 blocks in just 23.6 minutes per game.
Though the 23-year-old's individual production was excellent in his brief audition, the Pelicans' frontcourt outlook has changed tremendously since the draft. In addition to No. 1 overall pick Zion Williamson and No. 8 pick Jaxson Hayes, New Orleans also acquired veteran Derrick Favors from the Utah Jazz.