5:25pm: The move is now official, per the Hornets.
4:28pm: The Hornets are waiving guard Nick Smith Jr., according to Michael Scotto of HoopsHype (Twitter link).
Smith, 21, was the No. 27 overall pick in the 2023 draft. On the surface, the decision to waive him may seem surprising, given that he averaged 9.9 points, 2.1 rebounds and 2.4 assists per game as a 20-year-old while starting 27 games for Charlotte last season.
However, the Hornets are facing a roster crunch ahead of the 2025/26 season. Before last week, the Hornets had 16 players on fully guaranteed contracts and DaQuan Jeffries and Moussa Diabate among those on partially or non-guaranteed contracts. Charlotte got to work trimming the roster last week by cutting Jeffries, but still had to make multiple moves to set its 15-man regular season roster.
Over the course of the offseason, Charlotte brought in four rookies on standard contracts and, through a series of free agent moves and trades, added veterans Mason Plumlee, Spencer Dinwiddie, Pat Connaughton and Collin Sexton. That meant, barring other trades, the Hornets were always going to have to cut at least one player on a fully guaranteed contract, such as Smith.
Once this move is official, the Hornets will still have 15 players on standard contracts and Diabate’s non-guaranteed deal along with their three two-ways and Isaih Moore on an Exhibit 10 contract.
While the easy answer would be to cut Diabate to satisfy roster limits, the decision is not that simple. Diabate averaged a touch under 20 minutes a night for Charlotte last year, appeared in 71 games (eight starts) and posted 5.7 points and 6.2 rebounds per contest. Additionally, Diabate is one of just three players on the roster (including two-ways) who is over 6’10”, so waiving him would leave Charlotte in an even more dire need of big depth. Keep an eye on how this situation unfolds before opening night, given the Hornets will need to make another trade or cut.
As for Smith, it’s possible a team will claim him and his modest $2.7MM salary this year. His contract includes a $4.9MM team option for 2026/27, which will be automatically declined if he clears waivers.
The Nets seem like a great candidate to take a flier on a 21-year-old with a career average of 8.0 PPG and a 36.9% clip from three, although they have a roster crunch of their own to sort through. If he goes unclaimed, it’s hard to imagine it will be long before Smith signs on somewhere. He would be eligible to sign a two-way contract with just two years of service.
The decision to cut Smith for Charlotte was likely less about the player himself than the sheer overlap of guards the Hornets find themselves equipped with. In addition to Connaughton, Sexton and Dinwiddie joining the backcourt, the Hornets drafted Kon Knueppel and Sion James while still rostering LaMelo Ball, Tre Mann and Josh Green.