If a player is released, his contract does not carry over. If his salary was guaranteed by his contract with his former team, then they will have to continue to pay that salary. They would buy out any future club options. But his contract does not carry over to the new team.
A new team can sign him to whatever contract terms they want. However, his salary from the new team will offset the payments from his former team, up to the point where his new contract exceeds his former contract. So there is basically never any incentive for the player or the new team to offer him any more than the minimum salary in the case of a player who had a large contract with the former team.
A new team can sign him to whatever contract terms they want. However, his salary from the new team will offset the payments from his former team, up to the point where his new contract exceeds his former contract. So there is basically never any incentive for the player or the new team to offer him any more than the minimum salary in the case of a player who had a large contract with the former team.
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