The Nets now have $46 million worth of cap space following the move. Per Spotrac, Hollis-Jefferson had a cap hold worth $7.4 million.
There will be no shortage of star players avalaible this offseason, including Kyrie Irving and Kevin Durant. Wojnarowski previously reported that Irving "remains intensely interested" in joining the Nets.
The added cap space will allow the organization to afford the All-Star as well as some more talent to fill out the roster. The team could add even more room if it declines to provide a qualifying offer for D'Angelo Russell, who is set to be a restricted free agent this offseason.
Hollis-Jefferson will now need to find a new home, but he should have plenty of interest on the open market.
The forward took a step back offensively this past season, averaging 8.9 points per game after averaging 13.9 per game in 2017-18, but his true value remains on the defensive end.
Keith Smith of Yahoo Sports broke down what he can provide on the court:
Keith Smith @KeithSmithNBA
As @ZachLowe_NBA noted, Rondae Hollis-Jefferson is a good buy-low candidate. Lots of teams love his defensive versatility. Everyone has room for a guy who can guard 1-5. Surround him with enough offense, and you have a big time defensive weapon you can go to off your bench.
At just 24 years old, Hollis-Jefferson could still improve on both ends and become a valuable part of a team's rotation going forward.