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Suns, Michael Beasley reach $7 million agreement to terminate his contract

The Phoenix Suns and Michael Beasley have reached an agreement to terminate the contract of the troubled power forward.

The move on Tuesday will cost the franchise $7 million, a $2 million savings from what Beasley would have been due had he simply been waived. It also represents a significant reduction in what the hit on the team's salary cap would have been.

Beasley was arrested a month ago in suburban Scottsdale on charges of felony marijuana possession and possession of drug paraphernalia. It was the latest in a series of incidents involving the drug that have plagued his NBA career after he was selected as the No. 2 overall draft pick out of Kansas State in 2008.