There were rumors about this since they traded Jared Dudley and a first round pick for Carlos Delfino and Miroslav Radulijica, and today (according to the LA Times) those rumors proved out. The Clippers will waive and "stretch" their two players.
I don't know the numbers but the Clips now have eleven players signed and need to sign at least one more to have the minimum roster of twelve. By stretching the two players, who have guaranteed contracts for this year alone, they reduce the cap hit by a fifth by "stretching" the salaries for five years. According to Ben Bolch this will give the Clips around $3.5M under the "hard cap" this year.
That will give the Clips room to sign a pair of players at the veterans minimum. Recent noise indicates the Clippers are after Ray Allen (who might be the one guy out there who's a lesser defender than Jared Dudley, but that's just my opinion).