The 76ers parted ways Monday with James Anderson, on the eve of the NBA's free-agency period.
The 6-foot-6 shooting guard would have received a guaranteed $1.06 million had he remained on the roster past Monday.
The Sixers aren't likely to go after high-level free agents; they are expected to identify a few lower-level players.
"I think we will be open-minded," general manager Sam Hinkie said of the free-agency period, which begins Tuesday. "I don't know exactly what we will do there. People look for opportunities and we will go from there."
The salary cap for NBA teams is expected to rise from $58.6 million to $63.2 million for the 2014-15 season. So far, the Sixers have only about $23.4 million tied up in guaranteed contracts. That does not include the projected $3.6 million that Joel Embiid will receive as the third overall pick in Thursday's draft.