Tyshawn Taylor reportedly cut by the Pelicans

After being traded to the Pelicans on Saturday afternoon, and officially yesterday afternoon, Tyshawn Taylor has been reportedly cut by the team. Taylor never played a minute for New Orleans.

New Orleans has waived Tyshawn Taylor, league source tells Yahoo.

— Adrian Wojnarowski (@WojYahooNBA) January 22, 2014

Taylor, the 41st pick in the 2012 draft failed to get situated in the league, constantly being sent down to the Nets' D-League affiliate, the Springfield Armor, and only playing in 23 games this season. Taylor shot 34% from the floor and 25% from the three-point line.

Taylor was traded to the Pelicans along with cash considerations --reportedly $1+ million-- for the rights to Bosnian prospect, Edin Bavčić, who is not expected to play in the NBA. The Nets also received a $878,872 trade exception.

The Pelicans will apparently make a nice profit on the deal. They will have to pay Taylor the rest of the season, but that won't cost them more than $400,000. So, if as reported, they got $1+ million, the Pelicans made more than a half-million dollar profit in a little more than a day.  The decision to waive Taylor adds to the perception that the trade was no more than a vehicle to reduce luxury taxes and open a roster spot. The Nets hope the roster spot will give them flexibility at the trade deadline and/or use the Disabled Player Exception they received to compensate for Brook Lopez's injury.

The Taylor trade was not directly connected to the trade the Nets made for Marquis Teague.

Taylor will now hit the waiver wire where he can be picked up within 48 hours. If not, he will be a free agent.

• Pelicans waive Tyshawn Taylor, who was acquired in trade from Nets - Kurt Helin - NBC Sports
• Brooklyn Nets trade Springfield Armor part-timers Tornike "Toko" Shengelia and Tyshawn Taylor - Jason Remillard - Springfield Republican