UPDATE: According to additional reporting the Clippers are the ones sending cash to the Atlanta Hawks for them to absorb Walton, not the other way around. The Hawks are sending the Clippers a top-55 protected future 2nd round pick that will likely convey in return.
Walton had played sparingly in recent weeks for the Clippers. He was originally a Summer League player who earned a training camp invite and then secured the Clippers’ final roster spot on a non-guaranteed contract. His contract was fully guaranteed in January.
This move is likely a precursor to other moves for the Clippers, as the primary function of this deal is to clear a roster spot. The team could use that roster spot either to take back an additional player in a trade, or to sign a player during buyout season–including, potentially, former Clipper and free agent point guard Darren Collison.