Sam Amick of SI.com obtained a summary of the NBA's tentative Labor deal and outlines the new Amnesty clause in greater detail including a couple of details that I wasn't aware of previously.
- Each team permitted to waive 1 player prior to any season of the CBA (only for contracts in place at the inception of the CBA) and have 100% of the player's salary removed from team salary for Cap and Tax purposes.
- Salary of amnestied players included for purposes of calculating players'agreed-upon share of BRI.
- A modified waiver process will be utilized for players waived pursuant to the Amnesty rule, under which teams with Room under the Cap can submit competing offers to assume some but not all of the player's remaining contract. If a player's contract is claimed in this manner, the remaining portion of the player's salary will continue to be paid by the team that waived him.
So essentially any player waived with the amnesty clause won't instantly obtain free agency and be free to sign anywhere they choose. The way the third bullet point reads is that teams that are under the salary cap would be able to submit offers to take on but not all of the player's remaining contract in a modified waiver process. If no one makes a claim then the player would be allowed to negotiate with any team.
So for example, Baron Davis was a rumored Miami Heat target if he was waived with the amnesty clause in Cleveland. Before Davis could sign with the Heat he would have to clear a waiver process by all of the teams under the salary cap. The Atlanta Hawks are over the cap so they would not be included in the waiver process. If Davis was claimed by a team under the cap then he would be headed their with his new team and the Cavaliers paying the bill.
Also my interpretation of the first bullet point is that you can use the amnesty clause on one player prior to any season of the CBA and only on contracts that were signed prior to the new CBA.