The Sixers announced the move on Thursday.
Brand was entering the final season of an $80 million, five-year contract. The amnesty clause allows a team to waive one player during the new labor deal and have 100 percent of his salary taken off the cap and the tax.
Brand is still owed the money. Teams under the salary cap can now bid for Brand's services for next season.
Brand was a two-time All-Star when he spurned better offers and signed the free-agent contract with Philadelphia.
Team president Rod Thorn says Brand "worked tirelessly for the overall good of the team."