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From Wolves.com:
The Minnesota Timberwolves today announced that the team has waived guard Brandon Roy.
"We wish Brandon and his family all the best in the future," said Timberwolves President of Basketball Operations Flip Saunders.
During the 2012-13 NBA season, Roy appeared in five games with the Timberwolves, and averaged 5.8 points, 4.6 assists and 2.8 rebounds in 24.4 minutes per game. Roy signed with the Timberwolves as a free agent on July 31.
Roy was always a high risk signing. In theory, he was a great fit for Adelman's system, and there was the (very) remote possibility he would return to All Star form and solve all the Wolves' problems on the wings. But as he, in reality, only played 5 games all season before shutting it down, that obviously didn't happen.
I had thought the Wolves would hang onto the contact as trade bait, but perhaps they decided they wanted the roster spot more. Or just want to clear things out ASAP.