Veteran swingman C.J. Miles will opt out of his contract with the Pacers this summer, becoming an unrestricted free agent, reports Chris Haynes of ESPN.com. Miles has a player option for the 2017/18 season worth approximately $4.77MM, but will decline that option in search of a more lucrative deal.
Miles, who turned 30 last month, was a key rotation piece for the Pacers in 2016/17, making a career-best 41.3% of his attempts from beyond the arc. He also averaged 2.2 made three-pointers per game for the third consecutive season.
Miles was one of two Pacers players who had a mutual option of sorts for ’17/18. The Pacers had the opportunity to waive both Miles and Rodney Stuckey before the end of the regular season to avoid the risk of guaranteeing their salaries for next season. The team cut Stuckey and hung onto Miles, but with Miles opting out, Indiana won’t carry his salary on its books next year anyway.
While Miles’ reps may point to a player like Courtney Lee, who signed a four-year, $48MM contract with the Knicks last summer at age 30, as a logical comparison for their client, I’d be surprised if Miles lands a deal in that range. He should do fairly well in free agency, earning a raise and a multiyear commitment, but teams around the league simply won’t have the same kind of cap room available to overspend on free agents this time around.