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The Nets waived Bailey on Saturday, Evan Barnes of Newsday reports.

A second-round draft pick in 2023, Bailey signed a two-way deal with the Hornets last summer but appeared in just 10 games at the NBA level as a rookie. The Hornets opted to decline Bailey's qualifying offer in July, making him a free agent until he inked an Exhibit 10 deal with Brooklyn shortly before training camp. Though Bailey wasn't able to secure a two-way spot or 15-man roster, he could remain with the Nets organization as part of the G League roster.

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