1:01pm: Fredette’s release is official, the team announced via press release.

10:18am: The Spurs are waiving former No. 10 overall pick Jimmer Fredette today, reports Shams Charania of Yahoo Sports (Twitter link). The ex-BYU star signed with San Antonio in late July on a one-year, minimum salary contract that was guaranteed for only $507,711, half of the full season’s salary, as Eric Pincus of Basketball Insiders reported. The Spurs will be responsible for that amount if he clears waivers. It’s the latest fall from grace for the popular and once-heralded prospect who’s failed to gain traction in the NBA since the Kings drafted him in 2011.

The partially guaranteed contract meant that a spot on the regular season roster was no certainty, even though his partial guarantee was the league’s third largest for this season. A vaunted outside shooter coming out of college, he averaged only 2.0 points and 13.2 minutes per contest in two preseason appearances for San Antonio, failing to connect on all three of his three-point attempts. He made just 18.8% of his three-pointers last year with the Pelicans, though he’s a 38.1% shooter from behind the arc for his four-year NBA career.

Fredette’s scoring and minutes per game have decreased each year since he put up a modest 7.6 PPG in 18.6 MPG for the Kings in 2011/12. Sacramento waived his rookie scale contract in a buyout deal shortly after the trade deadline in 2014, and he signed with the Bulls soon thereafter. He rarely made it off the bench in Chicago and inked a one-year, fully guaranteed contract for the minimum salary with New Orleans in the summer of 2014.

The move will leave San Antonio with 17 players, since they’re also waiving Deshaun Thomas and Youssou Ndoye, as Charania reported earlier. The Spurs have 13 full guarantees plus a $749,594 commitment to Matt Bonner that represents the league’s largest partial guarantee for 2015/16.

Do you think we’ll see Fredette get another chance in the NBA? Leave a comment to share your thoughts.