Bennett cleared waivers Friday and is officially a free agent, Adrian Wojnarowski of Yahoo! Sports reports.

EDGE Analysis

With teams unwilling to absorb Bennett's $5.8 million waiver price tag, he'll now obtain free agent status, meaning he can sign a new contract at what would presumably be a discounted rate. Despite struggling mightily with both the Cavaliers and Timberwolves, the former No. 1 overall pick should pique the interest of a few franchises, with the Trail Blazers and 76ers mentioned as potential landing spots. Regardless of where Bennett ends up, he'll be viewed as a project player and is unlikely to be of much utility in nearly any format this season.

Bennett's contract was bought out by the Timberwolves on Tuesday, Shams Charania of Yahoo! Sports reports.

EDGE Analysis

Reports surfaced Monday night suggesting the two sides were working toward a buyout, and that has now been finalized, meaning Bennett will become a free agent. The former No. 1 overall pick has now flamed out in both Cleveland and Minnesota, but considering his age (22) and relative upside, he figures to resurface with another franchise willing to take what is ultimately a fairly low-risk chance on him. The 76ers and Trail Blazers are two teams whose names have already surfaced as potential suitors.

Bennett struggled through an injury-riddled 2014-15 campaign, posting averages of 5.2 points and 3.8 rebounds in 57 games. The No. 1 pick in the 2013 draft came to Minnesota in the offseason as part of the LeBron James/Kevin Love swap. Looking to prove his rookie season was a fluke, Bennett started the season with a decent stretch of games, averaging 7.9 points and 3.8 rebounds while shooting better than 53 percent from the floor over the season's first month. However, he was playing fewer than 18 minutes per game, and his opportunities began to dwindle. He averaged only 3.7 points in 14.6 minutes (33% FG) in December, and his numbers weren't much better the following month. Injuries began to set in in February, and Bennet would play only four games after Feb. 20, due primarily to a severe ankle sprain. While Bennett has shown flashes, on occasion, of the skills that made him the top overall pick, it's difficult to imagine he becomes a significant contributor on a consistent basis for Minnesota next season. However, with Thaddeus Young no longer in the picture and Kevin Garnett's status still up in the air, Bennett could have more opportunities to prove doubters wrong in 2015-16.

Bennett (ankle) will play Wednesday against Oklahoma City. Minnesota's injury reports have been a mess for the past few weeks, and it now appears Bennett will return to play in the season finale after he was previous ruled out for the season. From a daily games perspective, he remains a risky play, though the Wolves are about as depleted as it gets, so Bennett could be thrust into significant minutes.

Bennett (ankle) won't play in Minnesota's final two games, head coach Flip Saunders told the Minneapolis Star Tribune. Bennett had been possible to return from a severely sprained ankle, but there's no reason for Minnesota to bring him back for the final two games.

Bennett (ankle) will not go on the Timberwolves' West road trip. He'll miss the next four games, giving him an opportunity to possibly return for the final two games of the season. Bennett tried to return from his severely sprained ankle last week, and he struggled to play through the three games he saw action in. While there's always the outside chance that he could catch up with the team on the road, it's more likely that Bennett simply sits out the rest of the season.

Bennett (ankle) has been ruled out for Tuesday's contest at Sacramento. After playing three consecutive outings last week, Bennett will now miss his second game in a row due to continued tweaks of his ankle. As a result, consider him highly questionable to take the floor Wednesday in Portland.

Bennett (ankle) has been ruled out for Friday's game against the Magic. Bennett has tweaked his ankle twice in the last week, so he'll be held out Friday in an effort to rest the injury. He should be considered questionable for Tuesday's matchup with the Kings in Sacramento.

Bennett (ankle) is doubtful for Friday's game against Orlando. Bennett has played in each of the last three games, but he's now re-tweaked his ankle injury twice, and it seems unlikely the team puts him on the floor Friday. Even if he does play, the ankle makes him among the riskiest of all low-level daily options.

Bennett tweaked his previously injured ankle during Wednesday's loss to Toronto. "He just couldn't run," head coach Flip Saunders told the Minneapolis Star Tribune. Bennett looked set to get significant minutes the final few weeks of the season with so many Minnesota players hurt, but it sounds like his ankle may continue to be a problem.