THURSDAY, 1:20pm: The Spurs have officially re-signed Diaw, the team announced today in a press release.
TUESDAY, 8:15am: The Spurs and Boris Diaw have agreed to terms on a two-year deal that will keep the forward in San Antonio, according to Adrian Wojnarowski of Yahoo! Sports (via Twitter). The deal includes a second-year player option and is worth about $9MM total, with incentives that could push Diaw's earnings to $9.2MM, says Wojnarowski (Twitter link).
Diaw, 30, was waived by the Bobcats in March and signed with the Spurs for the last month of the regular season and the playoffs. Though his playing time and per-game averages were down in San Antonio, he seemed to be a good fit in the Spurs' system after an uneven stint in Charlotte.
Because the Spurs only hold Diaw's Non-Bird rights, the team will have to use its mid-level exception to bring him back. Given the reported value of the deal, the Spurs figure to use more than the $3.09MM taxpayer mid-level, but less than the full $5MM. As such, the club won't be allowed to pass the $74MM tax apron this season.