Jordan Farmar plans to opt out of his contract with the Nets and become an unrestricted free agent, according to Howard Beck of the New York Times. Stefan Bondy of the New York Daily News (Sulia link) also hears Farmar is leaning toward declining his player option, though Farmar himself tells Bondy he's still undecided (Twitter link). The 25-year-old's option for 2012/13 is worth $4.25MM.
It's hard to imagine Farmar will be able to exceed an annual salary of $4.25MM on the open market, but becoming an unrestricted free agent could allow him to secure a larger overall guarantee on a multiyear deal. Additionally, we heard in May that Farmar was unhappy with his role for the Nets and would like to be a starter going forward. With the Nets working hard to re-sign Deron Williams, drafting Tyshawn Taylor, and rumored to be pursuing point guards like Steve Nash and Jason Kidd, it figures to be a crowded backcourt in Brooklyn.
If Farmar officially declines his option, it will give the Nets even more cap flexibility this summer. Heading into the draft, Brooklyn's $9.4MM in guaranteed salaries for 2012/13 represented the league's lowest figure by nearly $20MM.