"I thank the Pistons organization for working together on an outcome that benefits all involved, and I wish the franchise success in the future," Griffin said.
Shams Charania of Stadium and The Athletic reported the financial details on Griffin's buyout:
ESPN's Adrian Wojnarowski first reported the news.
Wojnarowski added that Griffin has received interest from "many of the NBA's top playoff contenders" and is expected to pick a new home after talking with clubs "in the near future."
Pistons general manager Troy Weaver announced last month that Griffin would be held out of games as the team explored potential trade and buyout options.
Once an All-Star and All-NBA regular, his status has taken a hit because of chronic injuries. He was limited to 18 games after two left knee surgeries last season and averaged a career-low 15.5 points, 4.7 rebounds and 3.3 assists.
While Griffin has been healthier this season, his production has not picked up. He averaged 12.3 points, 5.2 rebounds and 3.9 assists through 20 games, showing a lack of burst off the dribble and essentially turning into a jump shooter. The version of Griffin who was once the NBA's most athletic player is nowhere to be found.
This is a salary dump for the Pistons, who will likely continue being one of the league's worst teams into next season.
Griffin will explore the open market and likely land with a contender that deploys him on a limited basis.