The Bullets announced Neto's arrival after snapping a three-game losing streak with a 115-105 win over South East Melbourne Phoenix. Velicka, the league's assists leader with 10.2 per game, is expected to miss eight weeks with a leg injury.
Brisbane has not tasted championship glory since the 2006-07 campaign and has not reached the play-offs since 2018-19, their only post-season appearance since returning to the competition after collapsing financially in 2008.
The 34-year-old Neto, a two-time Olympian with Brazil, last played club basketball for San Pablo Burgos in Spain before spending two months away from the game. He could make his debut as early as Wednesday night's clash with ladder-leading Tasmania JackJumpers, though coach Will Weaver cautioned that the timeline depends on medical advice.
"I'm a competitor, winning games is what I play for," Neto said. "I'm at the point in my career where my individual numbers I don't really care much about. But if I can help the team and help other players get better with my experience and knowledge of the game, and being a leader and point guard on the court, that for me is more important."
Weaver said the club would be cautious with the veteran's fitness. "We're really cautious with guys and making sure we don't get out over our skis, but we didn't bring him here to hang out, so when he's ready to rock we're ready for him," he said.
Drafted at pick 47 by the Atlanta Hawks in 2013, Neto played 435 regular-season and 29 play-off games across four NBA franchises, sharing the court with Australians Joe Ingles and Ben Simmons. He credited Ingles with helping him adapt to the NBA and said Ingles was one of the first to text him about the Brisbane move.
Neto also backed Simmons to recover from a season-ending torn Achilles suffered while training with the Sacramento Kings. "It's devastating when somebody's worked so hard to come back, and he was showing what he actually is," he said.
The guard is eyeing a third Olympic Games at Los Angeles 2028 and joked he may not still be playing by the time Brisbane hosts the 2032 Games. "I think I'm able to enjoy the day-to-day, and I think that's more important; the journey, rather than where I'm going to be in one or two years," he said.