Here's the official release from the Spurs.
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In San Antonio’s preseason game versus CSKA Moscow Wednesday night, Young recorded 4 rebounds and 1 steal in 18 minutes. Young originally signed with the Spurs on Sept. 30.
San Antonio’s roster now stands at 19 players.
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This is not a shocker. Young is a solid defensive player that has no way of contributing on offense and that's simply not enough to get a spot on the contending Spurs right now. I doubt his subpar performance against CSKA Moscow is the reason behind the release but it certainly didn't help his chances.
Young was considered the only invitee to have a real shot of making the roster, according to Matt Tynan, which means it's likely the Spurs will go into the season with Leonard, Green, Ginobili and Belinelli as their wings. Corey Maggette is still on the roster at this point and if he continues to perform well in practice and makes the best of the minutes he will probably get against the Suns in the Spurs' second preseason game, he could change that. But I wouldn't hold my breath.
Releasing Young at this point likely has to do with allowing him to pursue other options while simultaneously allowing the coaching staff to start focusing more of its attention on the players already under contract. I wouldn't be surprised if the Spurs continue to trim down their roster after the Suns game.
As for Young, he will probably catch on some team needing a stop gap wing for depth either now or in the middle of the season. For all his faults, his fundamentally sound approach to defense and his hustle could really help a team looking to build a defensive identity. We wish him luck and hope he can continue his NBA career elsewhere.