Washington Wizards President Ernie Grunfeld announced today that the team has waived guard Mike Bibby after coming to a mutual agreement on a contract buyout.

“We agreed to terms with Mike on a buyout of his contract, which gives us increased financial flexibility and opens up more opportunities for us to continue to develop and evaluate our younger players,” said Grunfeld.

Bibby was acquired by the Wizards on February 23 along with Maurice Evans, Jordan Crawford and a 2011 first round pick from the Atlanta Hawks in exchange for Kirk Hinrich and Hilton Armstrong.  He appeared in two games for the Wizards, totaling two points and eight assists.