NBA Rumors: LA Lakers waiving Quinn Cook to create cap room

Point guard Quinn Cook is set to be waived for a second time by the LA Lakers if the latest NBA rumors are to be believed. The Purple and Gold released him prior to the start of the 2020-21 season before re-signing him later. But as per Shams Charania of The Athletic, Cook is set to become a free agent again.

The Los Angeles Lakers are waiving guard Quinn Cook, sources tell @TheAthletic @Stadium. Teams are expected to express interest in Cook, who has served as a reliable guard and locker room voice for two title teams in LA and Golden State.

— Shams Charania (@ShamsCharania) February 23, 2021

Quinn Cook did not play an instrumental role for the LA Lakers on the court during their title run last year. However, he was a strong locker room presence and could be relied on to slot into the lineup as and when necessary.

Cook didn't get too many chances to showcase his craft for the LA Lakers but he has a career accuracy of 40.7% from the three-point line. At the same time, he's been a part of two championship-winning squads in the Lakers and Golden State Warriors. Expect some franchise to scoop him up soon.

NBA Rumors: What's LA Lakers' motive behind waiving Quinn Cook?

Expect the Purple and Gold to be active in the buyout market

Given the LA Lakers' ongoing three-game losing streak, the front office has realized the need to make roster additions. The buyout market is the best option for them but they have negligible space to absorb any salary.

The Purple and Gold's taxable salaries before Quinn Cook's release add up to $138,015,047. Since they used their bi-annual exception to sign Wes Matthews, they are hard-capped.

The Lakers valued Cook, but because of their hard-cap status, this gives the franchise flexibility to play the buyout market. They will be a compelling destination for perspective buyout players. https://t.co/QkQ8Q16SgY

— Shams Charania (@ShamsCharania) February 23, 2021

This means that the LA Lakers cannot spend a penny over the $138,928,000 luxury tax apron for the 2020-21 season. This leaves them with only a room of $912,953 to operate with. A portion of Quinn Cook's $1.7 million salary will also come into play now, giving GM Rob Pelinka some breathing space.

Only time will tell what future moves the LA Lakers have in mind but this is a clear indication that the reigning champs will be surveying the market closely.

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