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Thaddeus Young to opt out of the final year of his contract

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Brad Penner-USA TODAY Sports

No real surprise here. Thaddeus Young will opt out of the final year of his contract and become an unrestricted free agent.

Chris Haynes of Cleveland.com first reported the news...before Billy King confirmed it.

King seemed optimistic that Young will remain a Net, as he told the Brooklyn beat writers at this morning's final multi-player draft workout.

"I’m pretty confident, because we have some tools in our favor," King, no doubt referring to Young’s Bird Rights, permitting the Nets to pay Young more than any other team. "It’s nothing that we weren’t expecting. So come July 1st we’ll start that process of trying to retain him to the Nets."

Asked if he intended to offer his other big target, Brook Lopez, a max contract, King responded, "next question."

"He’s been around, he’s been working out. That’s always a plus," King said of Lopez, who must inform the Nets of his plans by next Monday.. "He’s been here in the gym, so it’s always good when guys are here working out — if they’re going to be free agents or not, you like to have them in your gym. If they’re not around then you could get a little more nervous."

King also said that the Nets have extended a qualifying offer to Mirza Teletovic, which means he’ll be a restricted free agent. If Teletovic accepted the qualifying offer, at $4.2 million, he would be under contract for a year, during which time the Nets couldn't trade him without his permission.

King even suggested that the Nets core of Lopez, Young, Joe Johnson and Deron Williams could return intact in October.

The Nets would likely have to pay the repeater tax next season if that happens, BUT they have until the end of the regular season (in effect the trade deadline) to get under the luxury tax threshold. Luxury taxes are calculated based on the payroll the last day of the regular season.

"It’s nothing that we weren’t expecting. So come July 1st we’ll start that process of trying to retain him to the Nets." - See more at: http://blog.northjersey.com/nets/2262/thaddeus-young-to-opt-out/#sthash.ZEagwehh.dpuf

Young had a player option for just under $10 million, and is opting out to cash-in and sign a long-term deal. This, of course, doesn't mean he can't or won't re-sign with the Nets, just that if and when he does it will be for a long-term deal and not just for the 2015-16 season.

Nets GM Billy King has already indicated that the team is looking to build around Young, 26, and big man Brook Lopez, who can also opt out of his $16.7 million player option for 2015-16. Again, the Nets are expected to make a long-term offer to Lopez as well, if and when he decides to opt out.