Anfernee "Penny" Hardaway Cut by Heat 

Former University of Memphis star Anfernee "Penny" Hardaway, probably the most dynamic basketball player to find his way from Memphis to the NBA (remember "Li'l Penny"?), has been released by the Miami Heat.

The 36-year-old Hardaway was attempting a comeback after missing the entire 2006-07 season. A two-time All-NBA player with Orlando in the mid-1990s, Hardaway was an All-America for the Memphis Tigers in 1992-93. More info, and a look at Hardaway's career here.

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