08/28/2013 AT 01:20 PM EDT
While Lamar Odom's personal life comes under scrutiny – amid allegations of drug abuse
and marital problems
– his professional life also seems to be taking a turn for the worse.
Odom, who was named NBA Sixth Man of the Year in 2011 and won two NBA championships as a member of the Los Angeles Lakers, is currently a free agent at a time when most of the team rosters are already filled.
"It's almost Labor Day weekend and players are starting to return to their teams, and Lamar doesn't have a team," says an NBA insider who knows Odom. "He's gone from making $8.5 million last year to being out of work at this point."
Seth Burton, director of communications for the Los Angeles Clippers, confirms that as of July 1, Lamar Odom was off the team's roster as his contract had ended, and he officially became a free agent.
Burton also confirms that Antawn Jamison has reached an agreement with the Clippers, but he is not officially signed yet. He expects Jamison to be officially signed Wednesday – which means there would not be room for Odom on the roster.
"There's an old saying in the NBA: Are you more valuable than your problems? And it's just reached the point with Lamar where he is not more valuable than his problems," says the NBA insider.
"Up until about two years ago, Lamar Odom was averaging about 15 points and eight rebounds a game and you know what? You deal with his off-court problems for that. When Lamar Odom averages four points a game, he's not worth the problems."
Despite not being currently signed, the insider believes Odom may still be able to get a spot on the L.A. Lakers – though it would be at a significant pay decrease.
With reporting by ELIZABETH LEONARD