Chris Paul was waived by the Phoenix Suns in a shocking move, but why did the Suns make this decision and what does it mean for the rest of the NBA?

According to Chris Haynes, the Phoenix Suns have waived Chris Paul in a surprising news dump that has sent shockwaves throughout the league.

For the Suns to waive Paul outright seems like it came out of left field. It was always reasonable that any team that could've traded for the veteran guard would've seen him as an expiring contract, but the move for Phoenix raised plenty of eyebrows.

However, Paul was owed $15 million in guaranteed money for the 2023-24 season, which would've become fully guaranteed when the new league year began. The final year of the deal — and why he would've been considered an expiring deal in any trade — was non-guaranteed for the 2024-25 season.

This is all a moot point with Paul being waived. The belief seems to be that the Suns could have traded Paul for role players around Kevin Durant, Devin Booker and DeAndre Ayton, which is, again, why this decision was so shocking. So why did Phoenix go about their business this way?

Chris Paul waived by Suns: Why it happened, where PG could land

As Keith Smith of Spotrac noted, the Suns are are now able to access their Non-Taxpayer Mid-Level Exception, assuming that they waive and stretch the dead money on his contract. That, obviously, makes the most sense and does give Phoenix some flexibility in the offseason to make moves to improve the roster.

Even still, it doesn't take away the shock of the Suns outright waiving the veteran guard instead of pursuing a trade.

Regardless, as we look toward Paul's future, Haynes noted that Paul is looking to sign with a contender, doesn't plan on retiring, and wants to play a couple more years.

With that, he can still be a starter on a contender. At this point in his career, Paul is probably not a second option on a championship-caliber roster, but remains a valuable player and is now one of the best free agents on the market this offseason.

Obviously, the Los Angeles Lakers would make the most sense as they look to replace D'Angelo Russell or find a better defensive fit for the starting lineup. Outside of LA, though, the Bucks, Clippers and Celtics all also would be nice fits for Chris Paul.

Whichever team ultimately signs the future Hall-of-Famer, though, will be adding an amazing weapon for a contender. He can be a key reason why a team wins a championship or, at the very least, is able to contend for a title.