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Reportedly, Chris Paul has been informed that he will be released by the Phoenix Suns.

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The Phoenix Suns are considering waiving, stretching and waiving, or trading Chris Paul, whose contract is guaranteed for only $15.8 million of $30.8 million total for 2023-24. The team has until June 28 to make a final decision before his contract becomes fully guaranteed. If waived, Paul can be claimed on waivers by another team, and if he clears waivers, the Suns could re-sign him to a smaller deal. Stretching the deal would open up all but about $3.2 million of that projected $30.8 million. The move comes a day after the Suns introduced new head coach Frank Vogel.

Quoting a report by Bleacher Report’s Chris Haynes, the Phoenix Suns have notified Chris Paul that he will be waived. The Athletic’s Shams Charania reports that the Suns are exploring three different possibilities: waiving Paul, stretching and waiving Paul, and trading Paul.

Paul’s contract is guaranteed for only $15.8 million of $30.8 million total for 2023-24. The Suns could get off about half that by waiving him and have the ability to stretch the remainder of his contract over the next several years.

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Quoting the report, Paul can be claimed on waivers by another team. If he clears waivers, the Suns could re-sign Paul to a smaller deal at the veteran’s minimum. Stretching the deal would open up all but about $3.2 million of that projected $30.8 million. If Phoenix stretches Paul’s contract by waiving him, it cannot re-sign him. Both scenarios open up tools for the Suns to use in free agency.

The team has a June 28 deadline to make a final call before his contract becomes fully guaranteed. The report of the move comes a day after the Suns introduced new head coach Frank Vogel.

“The quarterback nature and leadership he brings to the table is just immeasurable, honestly. And the toughness,” Vogel said of Paul on Wolf & Luke on Tuesday. “He’s one of the hardest competitors this league has ever seen. When you have guys like Kevin and Devin who are such prolific scorers, you need somebody out there who can really quarterback the action and help the coach put those guys in the right positions to be at their best. I am really looking forward to working with Chris and think he’s going to be a big part of this.”

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Paul is coming off the worst season of his career, a testament to his consistency over 18 years. He averaged 13.9 points, 4.3 rebounds, 8.9 assists, and 1.5 steals per game at 37 years old. The scoring was a career-low, and Paul’s 44% shooting is the fourth-lowest efficiency of his career.

“Honestly, (president of basketball operations and GM) James Jones handles all that stuff,” Suns owner Mat Ishbia told Arizona Sports’ Burns & Gambo on Tuesday when asked about the futures of Paul and center Deandre Ayton. “I’m going to be involved and get his opinions on it. We have not had a bunch of conversations around that stuff right now. First off, Chris Paul is an ultimate winner, one of the best point guards ever to play. Deandre Ayton, an up-and-coming star — he’s already a star — could be a superstar and I…”

It remains to be seen what the Suns will ultimately decide to do with Paul. However, it’s clear that they have several options available to them, and they will need to weigh the pros and cons of each one carefully. Regardless of what they decide, it’s clear that Paul’s impact on the team has been significant, and he will be missed by his teammates and fans alike.

NewsBusinessReportedly, Chris Paul has been informed that he will be released by...

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