Teams that did not use their one-time amnesty clause last season can waive one player via the amnesty provision between July 11-17 and see that player's contract figures vanish from the team's payroll for salary-cap and luxury-tax purposes.
Brand will still collect the full $18 million that the Sixers owe him next season, but he will first be offered to teams under the salary cap through the waiver process, with under-the-cap teams able to lodge bids for him.
Sources tell ESPN.com that the Dallas Mavericks, under the salary cap after being foiled in their pursuit of marquee free agent Deron Williams, have interest in claiming Brand through the waiver process.
In the event that he goes unclaimed on waivers, Brand would then be free to sign as a free agent wherever he chooses.
Young's agent, Mark Bartelstein, told ESPN.com that Young and the Sixers have reached terms on a one-year deal that, once finalized, is expected to fall in the $6 million range.
"He's got more size, gives you a little more versatility, and Nick's a big-time scorer," Bartelstein said. "The more we took a look at the situation, it's a perfect fit for Nick at this stage in his career."
Young can't officially sign the deal until July 11, which is the first day players can finalize new contracts.
Young finished last season with the Los Angeles Clippers after being acquired at the trade deadline in a three-team deal with Denver and Washington that sent JaVale McGee to the Nuggets and landed Nene with the Wizards.
The versatile swingman could take the place of Sixers guard Lou Williams, who opted out of the final year of his contract that was worth $6.4 million.
"Philly, I appreciate you all. Unfortunately I will not be coming back, as an organization they decided to move in a different direction," he posted on Twitter shortly after the Young move became public.
information from The Associated Press was used in this report.