In the 2003 draft, the New York Knicks drafted Slavko Vranes, a 7'7" Serbian giant, with the 39th pick.
A couple months later, in December 2003, the Knicks released Vranes outright and Portland immediately picked him up on a 10 day contract. He was not resigned after 10 days, went back to Europe, never to be heard of again.
On draft night, the talking heads proclaimed what a great pick it was and how he was the sleeper in the draft with good athleticism, good hands and court sense. I mean, how bad can a 7'7" uninjured player be, to be released so quickly and unceramoniously.