Ricky Rubio contract buyout implications: How much money will Cleveland Cavaliers save?

On Thursday morning, news broke of Ricky Rubio and the Cleveland Cavaliers agreeing on a buyout. Over the summer, the veteran guard stepped away from the team with no timetable of return to work on his mental health.

With agreeing to a buyout, the Cavaliers have some more financial flexibility moving forward. They orginally signed the European point guard to a three-year, $18.4 million deal during the 2022 offseason.

In his report on the move, ESPN's Adrian Wojnarowski cited that this gives the Cavaliers financial and roster flexibility moving forward.

"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."

Per Spotrac, Rubio will earn the full $6.1 million this season. He is set to receive a $4.2 million salary next season. This will give Cleveland more cap space to work with this upcoming offseason as they look to tweak to the roster.

Rubio was a key piece for the Cavs off the bench, but injuries resulted in him constantly being out of the lineup. In his two years with the franchise, he appeared in a total of 67 games. In that span, he averaged 9.2 points and 5.1 assists.

With Ricky Rubio getting a buyout from the Cavs, Woj reported the belief is that this will end his career in the NBA. He has been in the league 12 years after being drafted fifth overall by the Minnesota Timberwolves in 2009.

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How does Ricky Rubio's contract buyout affect the Cavs' cap?

The Ricky Rubio buyout doesn't have much impact on the Cleveland Cavaliers now, but does later on. Since is not receiving his full salary for 2025, the front office now has a couple million extra dollars to work with.

With the new CBA getting ready to kick in, teams need all the financial flexibility they can get. Having a little bit of extra money at their disposal could help them with some bigger moves.

Looking at the Cavaliers roster, most of their key players are signed long-term. Darius Garland is in the first year of his new deal, and Jarrett Allen is signed through the next few seasons.

Aside from these two, a pair of players Cleveland needs to get ready to pay are Evan Mobley and Donovan Mitchell. The defensive big man is almost extension elgibile, and the All-Star guard is nearing the end of his contract.

Since being drafted with the No. 3 pick in 2021, Mobley has developed nicely for the Cavs. He's in the midst of a career year, averaging 16.0 points and 10.5 rebounds.

With Mobley and Mitchell both commanding sizable contracts, the Cavs saving some money with the Ricky Rubio buyout should help them in the long run.