Here's a look at the latest out of the Atlantic as the Nets look to even up their series with the Bulls tonight in Chicago..

• Doug Smith of the Toronto Star hears from a lot of people that Phil Jackson to the Raptors isn't far-fetched at all.  However, he also spoke to someone who suggested that Jackson wouldn’t leave his kids, grandkids, and fiancé on the West Coast.  Because of that, the source suggested that Seattle – if the Kings wind up there– might be a more logical landing place for him.
• As the Nets find themselves down 2-1 to the Bulls, forward Gerald Wallace says that he doesn't "have a clue" as to what his role is supposed to be, writes Stefan Bondy of the New York Daily News.   Wallace signed a new four-year, $40MM deal with Brooklyn over the summer.
• Jackson looks primed for a return to the NBA, opines Joel Brigham of HoopsWorld.  If anyone could make that return happen north of the border, Brigham writes, it's new Raptors hire Tim Leiweke.

• Knicks star Carmelo Anthony says he feels re-energized after returning to a regular diet after fasting for two weeks, writes Frank Isola of the New York Daily News. Isola mentions that during Anthony's fast, his on-court performances had been mixed. 
• With only one game this past week, the extra time off should only be of benefit to the Knicks, writes Al Iannazzone of Newsday. He also notes that Felton, who wants to play against Boston on Thursday, thinks that next weekend is a more realistic return date from injury. 
• Although prone to injury because of his energetic and all-out style of play, Gerald Wallace says he's not changing his game (Roderick Boone of Newsday reports). Later, Boone discusses Keith Bogans success as one of the Nets' more productive role players. 
• Greg Payne of ESPN Boston thinks that Jared Sullinger deserves to be selected for the NBA's Rookie-Sophomore game during All-Star Weekend and notes that head coach Doc Rivers and many of the Celtics players strongly agree. 

The main motivation the Celtics had for signing veteran guard Leandro Barbosa was his ability to score.  According to CSNNE.com's A. Sherrod Blakely, they may be getting more than they bargained for. 

• As Damian Lillard makes his first trip to Brooklyn, the Nets are left to wonder what could have been had they not traded for Gerald Wallace, writes the New York Times' Benjamin Hoffman. 
• Again from the New York Times, Beckley Mason talks about the Knicks fortune without Amare Stoudemire.
• Nets second year guard MarShon Brooks is getting inconsistent playing time so far this season, and the New York Post's Tim Bontemps tries to figure out why. 

A glance around the Eastern Conference on Thanksgiving Day:

• The South Florida Sun-Sentinel's Ira Winderman writes that the Heat do not see a need for free agent forward Kenyon Martin. Winderman says if Miami makes any move, it will be to sign or trade for a defensive-minded point guard.
• Dorell Wright, acquired by the 76ers this summer, is not fazed by his decreased playing time, writes Tom Moore of PhillyBurbs.com.
• Nate Taylor of the New York Times attributes the Knicks' early-season success to their defensive focus.
• Jack Appleman of the New York Times examines the impact Gerald Wallace has on the Nets on the defensive end.

The Lakers coaching search is dominating headlines, but the second most talked about story in the NBA right now might be the fast start of the Knicks, especially given New York's media clout. Mike Lupica of the New York Daily News goes over the many reasons the Knicks are enjoying success, and Marc Berman of the New York Post points to the team's defense, allowing a league-low 87.5 points per game. There's plenty more on the Knicks and their Atlantic Division this morning, as we round up here.

• The 4-0 Knicks are blessed with depth, but coach Mike Woodson won't tolerate anyone complaining about a lack of playing time, Berman observes. "I’m not going to deal with guys with bad egos," Woodson said. "If there’s a problem, they got to go. It’s been great so far and will continue to be great because the guys we have are true pros."
• Paul Flannery of SB Nation dissects the shortcomings of the 3-3 Celtics, concluding the defense of the team's undersized power forwards is the most significant problem. 
• Sixers GM Tony DiLeo says Andrew Bynum's injury "could be a blessing in disguise" that prompts the rest of the team to up their games while the big man is out, as Flannery also writes.
• Jrue Holiday's extension was the first deal the Sixers made with the input of basketball analytics director Aaron Barzilai, notes John Mitchell of the Philadelphia Inquirer, who discusses Barzilai's role with DiLeo. 
• After initially joining the team on a 10-day contract last season, Alan Anderson has settled into the Raptors rotation after spending six years in Europe, Israel and the D-League waiting for another chance in the NBA, recounts Melissa Couto of the Toronto Sun. Playing alongside idol Vince Carter in Toronto would complete Anderson's dream scenario, Couto writes. Carter left the door open to an eventual return in an interview this week.
• Though Nets GM Billy King is touting Gerald Wallace's ability to match up with LeBron James, Mitch Lawrence of the New York Daily News hears the primary reasons the team acquired him from the Blazers last season were to compensate for the failure to land Dwight Howard and persuade Deron Williams to stay.

Over at SI.com, Sam Amick dedicated his Thursday column to addressing what he believes has been the most-discussed contract of the offseason -- Jeff Green's four-year, $36MM deal with the Celtics. While I'd argue that Jeremy Lin's offer sheet with the Rockets inspired more conversation that Green's deal, it's hard not to agree that Green's contract is one of the summer's most perplexing.

Amick spoke to agent David Falk, an Eastern Conference scout, and an unnamed rival general manager about Green's deal, gaining insight into how a player who missed 2011/12 with a heart condition earned one of the offseason's biggest guarantees. The piece also includes a few details on Green's contract. Here are some of the highlights:

• According to the rival GM, Green's contract includes a handful of likely and unlikely incentives that could bring the deal to about $40MM over four years. Says the GM: "If they win a championship, it's $1.5MM. If they get to the Finals, it's $750K. If they get to the conference finals, it's a half million. They'll have success, and his deal will probably wind up being worth $10MM a year."
• Unlike Brandon Roy's deal with the T-Wolves, which provides Minnesota some insurance of Roy's knee issues resurface, Green's contract doesn't include any injury insurance for the Celtics related to the 26-year-old's heart.
• According to Falk, the Celtics' doctors "assured the team that the risk of Jeff's suffering a recurrence of his injury is probably significantly lower than the risk of a player who never had it before suffering the same kind of problem.... He's 100% cured."
• The GM on the health questions: "I don't think he's that badly overpaid at 100% health. I think it's a good contract. But throwing in the heart condition and not having an exclusion on a pre-existing condition to protect you? No matter what the doctors tell you, it's scary."
• While I'm a little skeptical about this, Falk says that if Green had simply asked him to go out and get as much money as possible, he could have ended up with an annual salary of $11-12MM, exceeding what he's earning from Boston.
• The scout pointed out that the Celtics were in a tough spot because passing on Green wouldn't have helped them -- the team still wouldn't have had any cap space, and wouldn't have freed up any cap exceptions by letting Green walk.
• According to the GM, that's exactly why he dislikes trading for players in situations like Green's or Gerald Wallace's. The GM points out that Nets GM Billy King had to re-sign Wallace, having given up a high lottery pick for him, giving Wallace and his agent all the leverage. Green and the Celtics were in a similar situation.

JULY 11TH, 12:08pm: The Nets have officially re-signed Wallace, the team announced today (via Twitter).

JULY 1ST, 10:34am: A source tells Howard Beck of the New York Times that all four years of Wallace's contract will be guaranteed (Twitter link).

9:30am: The Nets will sign Wallace for four years and $40MM, tweets Fred Kerber of the New York Post. Adrian Wojnarowski of Yahoo! Sports confirms that the two sides have reached an agreement (Twitter link).

While Wallace was expected to draw some interest from teams in need of a small forward, it would have been surprising if the Nets had let him get away. In order to acquire Wallace, the team infamously traded away a lottery pick that turned into Damian Lillard, so it was unlikely that they would have let him walk after just 16 games as a Net. Brooklyn also seems to view the 29-year-old as a piece that could help convince Deron Williams to re-sign.

About a month ago, a report suggested that Wallace and the Nets could agree to something around three years and $24MM, but Stein says the new contract is expected to be for four years (Twitter link). While is doesn't appear Wallace will top the $9.5MM annual salary he could have earned had he opted in, the total guarantee on his new deal will greatly exceed that amount.

Two decisions on relatively major player options have been reported in the last two days, and both of them come from the Atlantic Division. Yesterday, we heard that Gerald Wallace will decline his $9.5MM option with the Nets, and today we heard Brandon Bass will turn down his $4.25MM option with the Celtics. Let's round up the latest on Wallace, Bass, and a few other items out of the Atlantic....

• Wallace's decision only gives the Nets more options this summer, and doesn't necessarily make a bad trade worse, opines Zach Lowe of SI.com.
• Bass' agent told Chris Forsberg of ESPNBoston.com that his client turned down more lucrative offers to sign with the Magic in 2009 because he liked the situation. There's a possibility that could happen again with the Celtics, as long as Bass receives reasonably fair value.
• If the Sixers' aggressiveness in finding Rod Thorn's replacement carries over to basketball decisions, expect Elton Brand to be amnestied and Andre Iguodala to be traded, writes Bob Ford of the Philadelphia Inquirer.
• Mark Murphy of the Boston Herald runs through the entire Celtics' roster and looks at what each player's future holds.

Gerald Wallace has informed Nets officials that he'll turn down his $9.5MM player option for 2012/13 and become a free agent, according to MySportsLegion.com (via Twitter). Rob Pelinka, Wallace's agent, says the decision doesn't mean Wallace will leave Brooklyn, and that he and his client will explore all their options (Twitter link).

Like Wallace, Deron Williams won't pick up his option year, so the Nets will be faced with negotiating new deals for both players, as well as attempting to re-sign restricted free agent Brook Lopez. When I examined Brooklyn's offseason last month, I estimated that new contracts for all three of the team's major free agents could amount to a 2012/13 cap hit in the neighborhood of $35MM.

The Lakers officially exercised their option on Andrew Bynum yesterday, locking him up for the final year of his contract. Bynum's isn't the first option decision of the year -- Beno Udrih has picked up his 2012/13 player option, while Dwight Howard famously waived his early termination option earlier in the season. Over the next few weeks, we'll hear about even more team, player, and early termination options, as teams prepare for the July free agency period. Listed below are a few key decisions to watch in the coming weeks....

• Deron Williams, Nets ($17.78MM player option): Okay, so there's no real drama here. But when Williams declines his player option, the biggest free agent of the 2012 market will be set to officially hit the open market.
• Lou Williams, 76ers ($5.35MM ETO): Williams is expected to exercise his early termination option, making him an unrestricted free agent. Steve Kyler of HoopsWorld reported last week that the Sixers guard may seek a deal similar to the five-year, $43MM contract Thaddeus Young signed a year ago. Will Philadelphia be willing to make that sort of offer, or will Williams sign elsewhere?
• Gerald Wallace, Nets ($9.5MM player option): Wallace turns 30 in July, so this summer may represent his best chance to sign one more big-money, long-term deal. Even if he doesn't match $9.5MM annually on a new deal, I expect him to take advantage of that opportunity and turn down this option in search of a multiyear contract.
• Brandon Bass, Celtics ($4.25MM player option): A solid contributor to the Celtics this season, Bass would certainly draw interest if he decides to opt out and test the open market. He has said he'd like to remain in Boston long-term, but opting out to renegotiate a new deal with the C's could complicate the team's offseason plans.
• Elton Brand, 76ers ($18.16MM ETO): For the 33-year-old Brand, waiving his ETO seems like a lock. The real question is what will happen after he picks up the final year of his contract -- the Sixers still have the amnesty clause at their disposal, and the opportunity to clear $18MM+ off their cap figure in a single stroke may be too tempting to pass up.
• Ramon Sessions, Lakers ($4.55MM player option): Before the postseason, it seemed like a sure thing that Sessions would opt out and negotiate a new contract with the Lakers. But following a poor playoff performance, Sessions' future is less clear. If he declines his option in search of a new deal, I don't think there's any guarantee he re-signs with the Lakers. It's still probably the likeliest scenario, but given the number of point guards available this summer, L.A. figures to explore all their options.
• J.R. Smith, Knicks ($2.44MM player option): If Smith turns down his player option, he almost certainly won't be a Knick next year, so his decision will come down to how much he enjoys playing in New York. Because there's little doubt that he could find a more lucrative contract as a free agent.
• Mo Williams, Clippers ($8.5MM player option): Long-term security seems important to Williams, but it's hard to imagine him turning down an $8.5MM guarantee for next season, since he's unlikely to find that in free agency. His decision will affect how much flexibility the Clips have to pursue other free agents this summer.
• Jameer Nelson, Magic ($8.6MM player option): Like the Clippers' Williams, he'll likely only opt out if he can renegotiate a new deal with his current club. However, I think that's a more probable option in Nelson's case. He has talked about not wanting to always be on the trade block, so I think he'd be willing to take a pay cut for next season if it meant being locked up for the next two or three.
• Jamal Crawford, Trail Blazers ($5.23MM player option): Marc J. Spears of Yahoo! Sports has reported that Crawford will decline his option, which makes sense. A team like the Clippers or Timberwolves that has been missing a viable two guard will likely make Crawford an attractive multiyear offer.
• Kelenna Azubuike, Mavericks ($993K team option): The money may not be significant, but with the Mavs trying to clear room to make a run at Deron Williams and other free agents, every million counts. Dallas signed Azubuike with an eye toward 2012/13, so it would be a little surprising if the team turned down its option, but it could be necessary if cap space gets tight.

Our complete list of outstanding team, player, and early termination options can be found here.