About a month ago, ESPN.com's Chris Broussard cited multiple sources in reporting that Brandon Jennings turned down a four-year, $40MM extension offer from the Bucks prior to the season. Last week, Marc J. Spears of Yahoo! Sports heard the same thing from a source of his own.
At the time of Broussard's initial report, Gery Woelfel of the Racine Journal Times tweeted that the Bucks never made a four-year, $40MM offer to Jennings. In the wake of Spears' recent report, Woelfel took to Twitter again today, noting that Jennings himself said he wasn't offered such a deal.
Broussard and Spears are typically reliable sources of information, and the fact that they each identified the same years and dollar amounts in independent reports suggests to me that there's something there. Perhaps those terms were discussed but never officially put on the table by the Bucks, or perhaps something was lost in translation between Jennings and former agent Bill Duffy.
Whether or not the Bucks formally extended a four-year, $40MM offer to Jennings, the fourth-year guard was unlikely to accept it. As Spears reported last week, Jennings hasn't ruled out signing a qualifying offer from Milwaukee this summer, which would keep him under contract for one more year before he could become an unrestricted free agent in the summer of 2014. If he does explore a long-term contract this summer, I expect him to receive an offer more lucrative than four years and $40MM on the open market, considering how many teams are expected to have significant cap room.