Metta World Peace becomes free agent by clearing amnesty waivers

Metta World Peace is a free agent after clearing amnesty waivers Sunday.

The Lakers cut World Peace on Thursday by using the one-time amnesty provision under the 2011 collective bargaining agreement.

Since a team did not pick him up off of waivers, the Lakers will be responsible for his full $7,727,280 salary. That number will not go against their salary cap and luxury tax computation, saving the team about $15 million.

The Lakers have brought in Nick Young and Wesley Johnson at minimum salaries to replace World Peace in the lineup.

As a free agent, World Peace is expected to talk to the New York Knicks and Clippers as well as consider playing for Yao Ming’s team, the Shanghai Sharks.

While it can be difficult to guess which of his Twitter pronouncements are accurate, the gigantic fan base in China might motivate World Peace to play overseas.

If the veteran forward signs to play professionally (even in China), the Lakers would gain some financial relief. Whatever compensation he receives -- subtract $788,873 (the salary of a player with one year of NBA experience) and then divide that amount by two.

For instance, if World Peace signed with the Knicks or Clippers for the veteran’s minimum at $1.4 million, about $305,000 would be “set off” of what the Lakers owe.

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Email Eric Pincus at [email protected] and follow him on Twitter @EricPincus.