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The New York Knicks created over $40 million in salary-cap space Thursday by parting ways with six veteran players.
Gibson was set to make $9.45 million in 2020-21, while Payton and Ellington each was scheduled to make $8 million.
The three will each make $1 million in guaranteed money from their deals with the Knicks despite being waived.
The Knicks signed Gibson, Payton, Ellington and Portis in June 2019 after failing to land the high-profile free agents that summer, including current Brooklyn Nets teammates Kevin Durant and Kyrie Irving.
Davis, 31, averaged 1.8 points and 3.8 rebounds in 28 games for the Jazz last season.
With the deal, the Jazz save