According to Chris Haynes of ESPN.com, San Antonio Spurs forward Rudy Gay will decline his $8.8 million player option and enter unrestricted free agency July 1.
After the news Kawhi Leonard has asked to be traded from San Antonio, the Gay decision doesn’t seem too surprising.
As written earlier this offseason, Gay will now have a $10 million cap hold on the Spurs’ books until he a) signs elsewhere, b) re-signs with the Spurs, or c) the Spurs renounce his cap hold.
As for what salary Gay might get on the open market, that’s tough to tell right now because mostly rebuilding teams will be able to offer him more than the $8.8 million he walked away from.
If Gay signs with a competitive tax team, the most they can offer is $5.2 million in the first year of a new deal, while a non-tax team can offer $8.5 million with the mid-level exception.
Until Gay signs elsewhere or the Spurs renounce his cap hold, there’s still the possibility he could re-sign with the Spurs for up to four years, with his annual salary being in the $10 million range.
Danny Green and Joffrey Lauvergne also have player options to be decided on by June 29. Reports indicate Lauvergne is leaning toward declining his player option too.