Portland Trail Blazers forward Gerald Wallace informed the team that he would not be seeking a contract extension with the club this season due to the limitations within the new collective bargaining agreement, The Oregonian reports. Wallace, however, says that he is open to signing a long-term extension with Portland after this year that would allow him to retire as a Trail Blazer.
Wallace is technically under contract with Portland through the 2012-13 season, but he has the option to opt-out of the final year of his deal that would pay him $11.4 million. Under the current collective bargaining agreement, if Wallace were to sign an extension with the club he would only be able to add two years to his current contract. If he opts out of his deal and becomes a free-agent, he can re-sign with Portland for as many as four seasons.
New Jersey Nets guard Deron Williams announced prior to the 2011-12 season that he will follow a similar plan as Wallace. Williams at the time indicated that he wanted to return to New Jersey, but financially it made more sense to wait under the new stipulations of the league’s labor deal.