The Golden State Warriors announced Friday that Jeremy Lin '10 has been waived by the team.

After signing a multiple-year contract with the team in July of last year, the second-year guard appeared in 29 games for the Warriors as a rookie in 2010-11, averaging 2.6 points, 1.2 rebounds and 1.4 assists per game.

He also made 20 appearances for the Reno Bighorns of the NBA Development League, averaging 18.0 points, 5.8 rebounds and 4.3 assists per game.

On the first day of NBA training camp, Lin—due to make nearly $800,000 this year—was pulled from practice and told he was let go.

"It was not a complete surprise," wrote Matt Steinmetz of Comcast Sports Net Bay Area. "Despite Stephen Curry's lingering ankle injury and Lin's vocal fan support, he was unable to establish himself as a consistent contributor off the bench."

The Warriors signed second-round draft pick Charles Jenkins—likely the team's new backup point guard—Friday as well.

Warriors beat writer Marcus Thompson reported that the move was related to Golden State's salary cap situation.

"Sheesh, if GSWs cut Lin & held back rookie deals just for cap room... that's scraping together every possible dollar for this F/A hunt," Mercury News sportswriter Tim Kawakami tweeted after the announcement.

The Warriors reportedly were set to present Clippers free-agent center DeAndre Jordan with an offer Friday.