There’s been talk of a contractual standstill between restricted free agent guard Norris Cole and the New Orleans Pelicans, but the 26-year-old has reportedly agreed to a one-year, $3 million qualifying offer.
Norris Cole has accepted one-year qualifying offer from Pelicans, according to a source
— Brian Windhorst (@WindhorstESPN) September 16, 2015
Norris Cole will earn $3.03 million from Pelicans and have a right to veto any trades. Will be an unrestricted free agent next summer
— Brian Windhorst (@WindhorstESPN) September 16, 2015
The Pels extended the offer nearly three months ago.
Cole will become an unrestricted free agent during next summer’s salary cap bonanza.
Per The Times-Picayune:
Pelicans coach Alvin Gentry said they definitely want Cole back for this upcoming season, but he didn’t have an update on negotiations. […] ”I don’t know, I’ll leave that one to (general manager Dell Demps) to answer,” Gentry said. ”Obviously we would like to have him back on our team. He’s an important part of our team, but that’s something that will have to get answered on the (front office) side of it. But you know as a coach, I would like to have him back and I’m sure Dell wants him back also.”
It’s all but apparent that Cole believes his value on the open market is worth more than the Pelicans’ $3 million qualifying offer. But at this point, a majority of teams have already used up most of their cap space.
The Philadelphia 76ers are one of the teams with significant cap space that also expressed an interest in Cole earlier this summer. But knowing the Pelicans could match any offer Cole receives as a restricted free agent, the 76ers signed point guard Kendall Marshall to a four-year deal, which included $2.1 million guaranteed this upcoming season. […] The Lakers also expressed interest in Cole earlier this summer, but they signed Brazilian point guard Marcello Huertas to a one-year, non-guaranteed contract six days ago.
