Hand cleared waivers and had his $10 million contract option declined by Cleveland on Friday, Zack Meisel of The Athletic reports.

EDGE Analysis

Hand was placed on outright waivers Thursday, but no team claimed him under his $10 million price tag. He'll be paid a $1 million buyout by Cleveland, and the southpaw could have to settle for a lesser deal in free agency due to decreased financial flexibility around the league.