MONDAY, 8:19am: Houston has officially declined the option, the team announced.
SATURDAY, 12:58pm: The Rockets have informed Chandler Parsons that they’ve declined his team option for the 2014/15 season, a source tells Marc J. Spears of Yahoo! Sports (Twitter link). The news doesn’t come as much of a shock since we heard earlier this month that the team had planned on making such a move and letting Parsons hit restricted free agency.
It’s very likely that Parsons will be back in Houston next season. If the team had picked up their 2014/15 option worth roughly $960K, Parsons would hit unrestricted free agency during the summer of 2015, and Houston would risk losing the sharpshooting wing to a rival suitor. Electing to decline the team option will make Parsons a restricted free agent this summer, meaning the Rockets can match any offer sheet presented to him.
In three years with Houston, Parsons has averaged 14.1 points per night and shot 47.3% from the floor. He’s proven himself to be one of the most valuable players selected in the 2011 draft, despite slipping out of the first round. Parsons played more minutes than any member of the Rockets last season.
By declining the team option, Houston will likely have to pay Parsons significantly more next season than they would have otherwise, but it appears they’re willing to sacrifice a bit of flexibility in order to keep Parsons on the squad long-term.
Charlie Adams contributed to this post.