Wizards, Bibby reach buyout agreement

The Wizards have reached a buyout agreement with point guard Mike Bibby, according to two league sources. Bibby's agent, David Falk, met with Wizards President Ernie Grunfeld on Monday to get the deal finalized.

The terms have not been disclosed, but a person with knowledge of the situation said Bibby sacrificed a "substantial" amount of money for his freedom. Another source said that Bibby surrendered the entire $6.2 million he was due next season.

A league source said that Falk is currently looking for a possible destination for Bibby. Portland, Miami, Boston, San Antonio, the Los Angeles Lakers and possibly Denver are believed to have interest in the 32-year-old Bibby, whom the Wizards acquired from Atlanta in a trade involving Kirk Hinrich.

Mustafa Shakur, who recently completed his second 10-day contract, will be signed for the rest of the season to replace Bibby.