Report: Nuggets releasing Kostas Papanikolaou

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The Nuggets have talked about waiving Kostas Papanikolaou. They’ve actually waived Papanikolaou.

And now, after re-signing him, they’re waiving Papanikolaou again.

Adrian Wojnarowski of Yahoo Sports:

When the Nuggets released Papanikolaou the first time, I was a bit surprised they could re-sign him to such a team-friendly contract (two years at the minimum with just $300,000 guaranteed this year). Apparently, there wasn’t much of a market for him. I doubt his limited playing time this season – 11.3 minutes per game – has changed that.

I don’t expect the Nuggets to have an immediate need for the additional cap room or roster spot. They just avoid Papanikolaou’s salary for this season becoming fully guaranteed, which would have happened if he weren’t waived by 5 p.m. today.

Now, Denver can explore signing players to 10-day contracts – maybe even Papanikolaou now that the Nuggets are no longer on the hook for his full-season salary. It might be just a matter of time until they drop him a third time.