The Portland Trail Blazers will waive Dennis Smith Jr., who is out for three to four weeks with a partial tear in the UCL of his elbow.
Smith averaged 5.6 points, 2.4 rebounds and 3.6 assists in 17.2 minutes over 37 games with the Blazers this season.
The transaction will allow the Blazers to sign Trendon Watford to a four-year, $5.8 million deal.