The Knicks have formally extended a qualifying offer to Chris Copeland, making him a restricted free agent, according to Jared Zwerling of ESPNNewYork.com (via Twitter). The offer is for a one-year deal worth $988,872.
Copeland's is the first of many qualifying offers we're likely to see this week. As we explain in our Hoops Rumors glossary, QOs are one-year deals that a player has the option to accept. The offers, which vary in value based on a player's service time and previous contract status, also give the team the right to match offer sheets for the player in free agency.
As I noted this morning, however, because the Knicks are in the tax, they may not have the opportunity to match on Copeland if a rival suitor, such as the Pelicans or Pacers, offers a starting salary worth more than the taxpayer mid-level exception (approximately $3.18MM). The reported interest in Copeland also makes it unlikely that he'd accept the $988,872 offer from the Knicks, since he figures to receive larger bids on the open market.