Eddie Jones will not join the Pacers but the franchise will recoup the ability to sign another player as a result of an agreement reached today.

Jones was acquired by the Pacers from Dallas, along with two second-round picks and cash, in exchange for Shawne Williams on Oct. 10.

The 36-year-old veteran guard made it clear he preferred not to play this season.

The Pacers worked with agent Leon Rose and reached an agreement that lowers the salary-cap figure for the one season remaining on Jones’ contract, thus clearing enough room for the team to sign another player to a veteran minimum contract without exceeding the NBA Luxury Tax threshold.