Buyout was worth about $3 million

CHICAGO -- The Chicago Bulls waived guard Jay Williams on
Tuesday, two weeks after reaching a contract buyout with the guard
whose career is in jeopardy following a motorcycle accident.

NBA rules require a player to be put on waivers after a team and
the player make a settlement on their contract.

The buyout was worth about $3 million. Williams had two more
years worth about $7.7 million left on his original deal.

"Jay's accident was tragic and unfortunate. We look forward to
watching the progress of Jay's rehabilitation and remain hopeful he
can someday rejoin our team. But at the same time this allows us
roster flexibility as we move forward," Bulls general manager John
Paxson said.

Williams was riding a new motorcycle last June 19 when the bike
got away from him and slammed into a utility pole.

He severed a main nerve in his leg, fractured his pelvis and
tore three of the four main ligaments in his left knee. He spent
two weeks at a Chicago hospital before being transferred to Duke
University Medical Center, where he has been rehabbing.

Williams, 22, led Duke to the national championship in 2001. He
was drafted in the first round a year later by the Bulls with great
expectations. He had his ups and downs as a rookie, before finally
losing his starting spot. He averaged 9.5 points and 4.7 assists in
75 games as a rookie.