Clippers Win Waiver On Chauncey Billups

(CBS) -- The Los Angeles Clippers have been awarded the waiver bid on former New York Knicks guard Chauncey Billups, the team has confirmed.

The Knicks will pick up $12.2 million of his contract, while the Clippers are responsible for the remaining $2 million left on his contract. New York used the new amnesty provision to waive the former All-Star.

Under the new amnesty rules, players are put on waivers and teams under the salary cap can enter bids for the player, if they are interested.

The highest bidder will get the player and pay that amount (with the balance paid by the team that cut him).