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Rodney Hood has accepted the $3.4 million qualifying offer from the Cleveland Cavaliers, according to Shams Charania of Stadium.
Restricted free agent Rodney Hood is signing a one-year, $3.4M qualifying offer to re-sign with the Cleveland Cavaliers, per league sources.
— Shams Charania (@ShamsCharania) September 9, 2018
By accepting the qualifying offer, Hood, a restricted free-agent swingman, will play this season then become an unrestricted free agent next summer. Cleveland will retain his Bird rights, meaning it will be able to pay Hood more than any other team.
“I’ve been working really hard this summer, improving my body and game,” Hood told Charania. “I’m excited to get to work with my teammates, looking forward to having my best year and going back to the playoffs.”
Adrian Wojnarowski of ESPN reports Hood had hopes of receiving a more-lucrative offer from either the Cavaliers or another team, but it never came to fruition.
Cavaliers and Hood explored several sign-and-trade options but Hood’s hopes of an offer sheet or Cavs deal in the $10M-$12M annual range never materialized. https://t.co/Xu9rR3ZKih
— Adrian Wojnarowski (@wojespn) September 9, 2018
Joe Vardon of Cleveland.com reported Hood declined a multi-year offer from he Cavaliers.
(Hood) left a multiyear deal from the Cavs worth about $7 million per season on the table by accepting their qualifying offer.
Cleveland extended the qualifying offer to Hood before the start of the NBA’s free-agency period in July, making Hood a restricted free agent.
Hood, 25, was acquired by the Cavaliers from the Utah Jazz at the February trade deadline Feb. 8. He averaged 10.8 points in 21 regular-season games in Cleveland, shooting 44 percent from the field, and 35 percent from deep. His plus-minus of minus-93 was the worst of any player in the playoffs.
In the postseason, Hood’s productivity — and playing time — went largely south, as he averaged only 5.4 points and shot an abysmal 16.7 percent from 3-point range in 14 games.
During the regular season, Hood expressed his frustration about how things went after the trade to Cleveland took place.
“This is something different. It has been tough,” Hood said. “The basketball stuff has been the easiest part. The stuff that comes out of it, you lose a game and everyone talks about it on TV the next day. They may say some things that you may not agree with.
“You lose a game and you feel like the world is coming down. You win, it’s like, you’re supposed to win. It’s still a struggle to me to adapt to that.”
Hood did not get off the bench at all in five games after falling out of coach Tyronn Lue’s rotation, before bouncing back to score 15 points on 7-of-11 shooting in Game 3 of the Finals, a 110-102 loss to the Golden State Warriors on June 6 at Quicken Loans Arena.
Previous to coming the Cleveland, the 6-foot-8, 206-pound left-hander averaged 16.8 points during the first 39 games of his season with the Jazz.
Bobby Marks of ESPN reports even with re-signing Hood, the Cavaliers will again be over the salary-cap threshold, but will remain below the luxury-tax line for the first time since LeBron James returned in the summer of 2014.
Cleveland is now up to $115.7M in salary after Rodney Hood signing the $3.4M one-year qualifying offer. Hood has the right to veto any trade but would lose bird rights if moved. Cleveland is currently $8M below the luxury tax with 14 guaranteed… https://t.co/Vnwhz558hU
— Bobby Marks (@BobbyMarks42) September 9, 2018
Replying to an Instagram post last month, Hood denied reports the delay in his signing was about money.
“It’s not about the money,” he said. “I’m livin’ my dream. Don’t take everything you hear as gospel.