Steve Wyche of the Washington Post reports: Mitch Richmond's career with the Washington Wizards officially ended yesterday when the team bought out the final two years of his contract for $10 million.

Richmond signed a four-year, $40 million deal signed before the 1999-2000 season. The team has the option of paying Richmond, 36, in a lump sum or paying him $5 million now and $1 million installments over the next five years, according to a team official.

Though the move costs the Wizards a hefty sum for a player who won't be on their roster next season, it will clear $10 million off the payroll the following season and help the team clear room under the salary cap next summer. Washington could have more than $12 million in salary cap space to pursue free agents next summer.