The 25-year-old Outlaw averaged 8.7 points and 3.6 rebounds in 23 games for the Los Angeles Clippers after being acquired as part of a trade that sent Marcus Camby to the Portland Trail Blazers. In 11 games for Portland last season, Outlaw averaged 9.9 points and 3.5 rebounds.
Drafted in the first round by Portland in 2003, Outlaw has averaged 9.5 points and 3.4 rebounds in seven NBA seasons. His best season was in 2007-08, when he averaged 13.3 points and 4.6 rebounds.
The agreement was the Nets' first since free agency started last week, and it's not even close to being one that would excite New Jersey fans after winning just 12 games last season.
Gay has re-signed with Memphis. Wade stayed in Miami, and Bosh is joining him there.
All that is left among the franchise players is James, and the Nets aren't the favorite to get the two-time MVP when he announces his future plans on television Thursday night.
That left the Nets with $30 million to spend on free agents, and they started spending it by getting Outlaw to come to New Jersey.
"We are very pleased to add Travis to our roster," said Thorn, who reportedly will be stepping down July 15. "He is a young, athletic player who will fit in very well with the style of play that [coach] Avery [Johnson] has installed."
After agreeing to a deal with Outlaw, the Nets are strongly considering making an offer to either Tyrus Thomas or Luis Scola to fill their hole at the power forward position, sources told ESPN.com's Chad Ford.
Ric Bucher covers the NBA for ESPN and ESPN The Magazine. ESPN.com's Chad Ford contributed to this report. Information from The Associated Press also was used.