On hoopshype.com, Rasheed Wallace is still shown on the payroll.  With Jermaine thinking about retiring as well, what does that mean for our salary cap situation?

I can't imagine that when someone retires, they still get paid? Shouldn't their remaining salaries be removed from our total amount or haven't they ( Rasheed for the moment) filed in the necessary paperwork yet?

Sheed was bought out for a portion of his salary, and that stayed on the books for this current year.

If JO retires, a similar buyout would need to be negotiated with the Celtics front office. Otherwise, he is owed every penny of his money for next year.

If JO is thinking about retiring, his salary is better served as filler in a trade with another team. A buyout would not help the Celtics clear any cap space.

Strange that when you decide to retire & basicaly forfeit your end of the contract, that you still need to get bought out.  Can't imagine this happening in real life.

Shouldn't it be:
you sign to play for 3 years
if you don't show up anymore for year 2 & 3, you don't yet paid

Contracts are guaranteed. JO signed a contract that was offered to him.

If JO says he's retiring for medical reasons, that he cannot physically play, then the Celtics can petition to remove the contract from their books.

Again, there's nothing to be gained by wiping JO's last year off the books for next year.