Transactions listed are from July 1, 1994 to
June 30, 1995.
- July 1, 1994
Released Litterial Green.
- July 29, 1994
Traded Scott Skiles, a 1996 1st round draft pick (Todd Fuller was later selected) and a 1998 1st round draft pick (Vince Carter was later selected) to the Washington Bullets for a 1996 2nd round draft pick (Randy Livingston was later selected) and a 1998 1st round draft pick (Keon Clark was later selected).
- September 19, 1994
Signed Horace Grant as an unrestricted free agent.
- September 22, 1994
Signed Brian Shaw as an unrestricted free agent.
- October 7, 1994
Signed Greg Grant as a free agent.
- October 31, 1994
Signed Tree Rollins as a free agent.
- November 3, 1994
Waived Greg Kite.
- November 17, 1994
Waived Keith Tower.
- November 28, 1994
Waived Greg Grant.
- April 8, 1995
Signed Darrell Armstrong as a free agent.
- June 24, 1995
Lost Rodney Dent to the Vancouver Grizzlies in the NBA expansion draft.
- June 28, 1995
Drafted David Vaughn in the 1st round (25th pick) of the 1995 NBA Draft.