8:17am: The Mavs hadn’t heard anything from Ferrell’s agent before seeing Charania’s report, a source tells Tim MacMahon of ESPN.com (Twitter link).
7:45am: After reportedly agreeing to a two-year, $5.3MM deal with the Mavericks on Thursday, Yogi Ferrell has changed course, reports Shams Charania of Yahoo Sports (Twitter link). According to Charania, Ferrell will re-enter free agency in search of a better contract.
“We felt uncomfortable and will weigh our options,” agent Cervando Tejeda said.
Ferrell’s $5.3MM agreement with the Mavs included a non-guaranteed second season, so he was only assured of receiving about half that money. As cap expert Albert Nahmad observes (via Twitter), that means that the point guard would have been in line for a smaller guarantee than his initial $2.9MM qualifying offer, so it makes sense that he wouldn’t be thrilled with the arrangement.
If Dallas wants to lock up Ferrell, the team could increase its offer. The Mavs still hold Ferrell’s Early Bird rights, allowing them to go over the cap all the way up to the mid-level range to re-sign him. However, it remains to be seen how aggressive the club will be in attempting to bring back the 25-year-old.
It’s the second time this offseason that a player and team have seemingly reached a contract agreement, only for the player to have second thoughts — Nemanja Bjelica did the same with the Sixers. Of course, DeAndre Jordan‘s about-face in 2015 free agency is the most infamous example of this in recent years, but the Mavs were able to officially secure Jordan early in this year’s free agency.