The LA Clippers waived guard Eric Gordon on Wednesday night in a move that will save them over $100 million on their projected tax bill.

The Clippers decided not to guarantee Gordon's $21 million contract before Thursday's deadline, sources told ESPN's Adrian Wojnarowski.

According to ESPN's Bobby Marks, the Clippers will drop their projected tax bill from $169 million to $59 million. The team is $18 million over the $165 million tax threshold.

The Clippers traded Luke Kennard, John Wall and a protected pick swap for Gordon and three future second-round picks at this year's February trade deadline. Kennard led the league in 3-point shooting percentage for the second straight season, but the Clippers valued Gordon for the veteran's ability to stretch the floor, defend bigger guards and his ability to attack the rim.

Gordon averaged 11 points and 42.3% 3-point shooting in 22 regular-season games during his second stint with the Clippers. His numbers dipped in the postseason, averaging 10.2 points and 34.5% shooting from behind the arc in the Clippers' first-round loss to Phoenix.

The Clippers have some younger guards like Terance Mann and Bones Hyland, who are hoping to see more playing time this season. Team president of basketball operations Lawrence Frank also said the Clippers want to bring back point guard Russell Westbrook, who is a free agent and will see what other offers are out there. The Clippers can only offer Westbrook their $3.8-million non-Bird exception.