Josh Smith released by Pistons

The Detroit Pistons have waived forward Josh Smith, the team announced on Monday.

According to Vincent Goodwill of the Detroit News, the Pistons will use the stretch provision on Smith. Smith signed a four-year, $54-million deal in July, 2013, and is still owed around $26 million. By using the stretch provision, Detroit is allowed to spread out Smith’s remaining salary over the next five years (twice the time left on the contract, plus one season) starting next season. That will come out to $5.4 million per year, creating $8.1 million in cap room over the next two seasons.

The amount he’s owed this season will be offset by whatever his new salary is after he signs with another team.

In a statement released by the team, Pistons head coach and President of Basketball Operations Stan Van Gundy said, “Our team has not performed the way we had expected throughout the first third of the season and adjustments need to be made in terms of our focus and direction. We are shifting priorities to aggressively develop our younger players while also expanding the roles of other players in the current rotation to improve performance and build for our future. As we expand certain roles, others will be reduced. In fairness to Josh, being a highly versatile 10-year veteran in this league, we feel it’s best to give him his freedom to move forward. We have full respect for Josh as a player and a person.”

This is Van Gundy’s first major move since being hired by the Pistons in May. According to Adrian Wojnarowski of Yahoo! Sports, in the summer Detroit turned down an offer from the Kings of Carl Landry and Jason Thompson for Smith. ESPN’s Marc Stein reports that the Kings made the Pistons multiple offers for Smith. But with the Pistons getting off to a horrid start, reports started to surface last week that Van Gundy had begun shopping Smith.

Vincent Ellis of the Detroit Free Press reports that over the past few days the Pistons have been “desperately” trying to move Smith, but other teams around the league were only willing to take on the Pistons forward if the team included a first round pick in the deal. According to Wojnarowski, Detroit felt that trading Smith, instead of giving up a first round pick or taking on a big contract from a different team, was the best way to build for the longterm.

On the season Smith is averaging 13.1 points -- on 39 percent shooting -- 7.2 rebounds and 4.7 assists per game.

The Pistons are currently 5-23, the third worst record in the NBA, despite playing in the lowly Eastern Conference. They have not won more than 30 games in a season in five years.

Smith will clear Waivers on Wednesday, and reports are that both the Kings and Mavericks have interested in signing him. Wojnarowski reports that Houston is interested in him as well.

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