Beasley played two seasons each with Miami and Minnesota before signing a three-year deal with Phoenix worth $18 million in the summer of 2012. The Suns' recent trade of
Caron Butler to Milwaukee created nearly $6 million in salary-cap space that they can use to soften the financial hit stemming from Beasley's departure.
By waiting until after Sept. 1 to waive Beasley, Phoenix can pay out the $6 million owed to the 24-year-old forward in 2013-14 on the NBA's standard pay schedule and then stretch the remaining $3 million guaranteed on Beasley's deal in 2014-15 over multiple seasons.