The 25-year-old Parker will earn $6.5 million.
The Atlanta Hawks signed Parker to a two-year deal worth $13 million in July 2019. He was expected to add depth to a promising young nucleus that hoped to compete for a playoff spot in the Eastern Conference.
When the Hawks fell out of the playoff race early in the year, Parker wound up being traded to Sacramento on Feb. 6. He only played in one game for the Kings, scoring four points on 1-of-6 shooting against the Memphis Grizzlies on Feb. 20.
Despite his limited playing time, the Duke product remains a consistent scorer off the bench. He averaged 14 points per game and shot 51 percent in 38 games last season.
Defense has never been his strong suit since being drafted No. 2 overall by the Milwaukee Bucks in 2014. He once famously told the Bernstein and McKnight Show on 670 The Score that teams "pay people to score the ball."
Given his limited skill set on offense—he's only a 32.4 percent career shooter from three-point range—and limited defensive capability, the 6'8", 245-pound Chicago native will likely be limited to role-playing duty for the Kings next season.
Sacramento's hopes of contending for a playoff spot depend largely on keeping Marvin Bagley III healthy to play alongside De'Aaron Fox and Buddy Hield.
As long as Parker can put up points, head coach Luke Walton will get exactly what he needs from the former Blue Devils star next season.