The Pacers now have $7.6 million in cap room after shedding the $1.97 million prior to the Aug. 1 guarantee date, according to ESPN's Bobby Marks.
Seraphin averaged 4.7 points and 2.9 rebounds in 49 games in his only season with Indiana.
Only six players and two starters remain from the Pacers' playoff roster.
Indiana began its rebuilding project in earnest after agreeing to trade four-time All-Star Paul George to Oklahoma on June 30. The Pacers lost two players in free agency, declined the team option on another and waived four sparingly used players.