REPORT: Cavaliers, Ricky Rubio Agree To Contract Buyout

After Cleveland and Rubio began discussing a parting of ways last month, they have reportedly agreed to a contract buyout.

Just over two weeks ago, it was reported that the Cleveland Cavaliers and veteran point guard Ricky Rubio were discussing a parting of ways.

The 33-year-old had been absent from the team since August 5, as he stepped away from basketball to address his mental health.

Now, the two parties have reportedly reached an agreement to part ways.

According to ESPN Senior NBA Insider Adrian Wojnarowski, the Cavaliers and Rubio have agreed to a contract buyout. A league source also confirmed the transaction to Spencer Davies of Cavs Insider.

League source confirms Woj’s report that #Cavs have agreed to a contract buyout with Ricky Rubio.

— Spencer Davies (@SpinDavies) January 4, 2024

This transaction frees up a roster spot for Cleveland and financially benefits the team. Per Wojnarowski, “The buyout -- which has $6.1 million left on this year's contract and $6.4 million for 2024-2025 -- gives the Cavaliers some financial relief and opens up a second spot on the team's roster.”

Wojnarowski also writes that this move is “likely marking the end of Rubio's accomplished 12-year NBA career.” The point guard has averaged 10.8 points, 4.1 rebounds, 7.4 assists, and 1.8 steals per game in his career, and was named to the 2011-12 NBA All-Rookie First Team.

Mar 12, 2023; Charlotte, North Carolina, USA; Cleveland Cavaliers guard Ricky Rubio (13) brings the ball up the court during the first half against the Charlotte Hornets at Spectrum Center / © Brian Westerholt-USA TODAY Sports

The team could potentially increase their depth given its current injury situation. Darius Garland remains out with a fractured jaw, Evan Mobley is still out after undergoing arthroscopic surgery on his left knee, and Ty Jerome has not played in Cleveland’s last 32 games due to a right ankle sprain.

A potential candidate to fill Rubio’s NBA roster spot could be undrafted rookie Craig Porter Jr. 

The 23-year-old has blossomed for the Cavaliers this season, averaging 7.5 points, 2.7 rebounds, and 3.3 assists per game in 23 contests (five starts). However, his Two-Way Contract indicates that he cannot be active for more than 50 NBA games this season.