This news broke while I was out, and has been well covered in Matt's diary and the comments to the earlier Atlanta thread below. But for those who (like me) got some air on a Saturday:

The Kings save almost $11 million in 2008-09 salary, which places the Kings right below the projected cap level. As I said this morning, this means they can at the least sign Beno Udrih, and possibly (pending other trades) make a play for another midlevelish free agent.We'll keep you updated.