Nets Waiting On Wallace

Apr 23, 2012; Newark, NJ, USA; New Jersey Nets small forward Gerald Wallace (45) brings the ball up court during the second half against the Philadelphia 76ers at the Prudential Center. Philadelphia 76ers defeat the New Jersey Nets 105-87. Mandatory Credit: Jim O'Connor-US PRESSWIRE

The Nets are waiting on Gerald Wallace to decide whether he will opt in (and extend his contract) or opt out (and become an unrestricted free agent). Wallace has until midnight Wednesday to decide, said a league source. Unlike most NBA players' deals, Wallace's contract ends 15 days before the Draft.

If he opts in, his contract can be extended through 2014-15. The extension would pay him $30.4 million over three years, including the $9.5 million he is scheduled to receive this coming season. If he opts out, the Nets would still retain his Bird Rights, permitting him to sign for up to five years, with the starting salary negotiable. In that case, he could officially talk with the Nets until July 1 and not sign a new contract until July 11.

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