The Brooklyn Nets waived guard Jarrett Jack on Thursday, the team announced. Jack was on their books for $6.3 million next season, but only $500,000 of that was guaranteed as long as they requested waivers before the start of free agency.

The Vertical's Adrian Wojnarowski reported earlier this week that the Nets would try to trade Jack, who will turn 33 in October, but evidently they did not find a deal that was to their liking. Under new general manager Sean Marks, they are entering what will likely be a lengthy rebuilding process, and the veteran would make more sense on a playoff team. The extra cap space could help Brooklyn as it prepares to make offers to free agents.

Jack tore his ACL in January and has been rehabbing since. If he is healthy by the start of the season, as he expects to be, then he could be well worth the $6.3 million for next year. The pool of free-agent point guards is not deep, so he could be claimed on waivers before hitting the open market.

The Nets no longer have a point guard on the roster. They will reportedly be a serious suitor for Jeremy Lin in free agency. He has a great relationship with Brooklyn coach Kenny Atkinson dating back to their time together with the New York Knicks.

Jarrett Jack drives against Stephen Curry
Jarrett Jack drives against a former teammate. USATSI