McDyess, who will be 36 when the 2010-11 season starts, was signed for three years at the full midlevel exception last summer when the Spurs missed out on signing Rasheed Wallace.
He will make $4.8 million this season. The final year in his contract is worth $5.2 million, but it is only partially guaranteed.
McDyess averaged 5.8 points and 5.9 rebounds in 21 minutes per game in the regular season, but raised those numbers to 6.8 points and 6.8 rebounds in the playoffs.
