The most striking innovation granted NBA teams a one-time option to release a player without his contract counting against the luxury tax threshold regardless of how long or how rich the contract was. The provision did not negate the player's contract, a team's obligation to pay the player, or the impact on the salary cap; it merely removed the player's salary when computing the luxury tax. This rule benefited teams that were in danger of facing the "luxury axe" penalty, a tax paid on salaries spent above a certain threshold of total team salary.
This is off Wikipedia. So I'm a bit confused about the rule. It says a team can use it one time. Does that mean one time per franchise?