The New Jersey Nets took a pretty big gamble at the NBA trade deadline this year, acquiring Gerald Wallace in exchange for their 1st round pick. The risk probably didn't play out exactly how the Nets wanted to, as Wallace has elected to opt out of the last season of his contract.
Wallace had a sixth year left on his contract that would have paid him $9.5 million for the 2012-13 season, but he decided that he'd rather return to the open market. That does not mean that Wallace is necessarily signing elsewhere, though -- just that it will likely cost the Nets more than it would have prior to his opting out.
Not a surprise, but Gerald Wallace confirms he's opting out of last season to hit free-agency. My guess: He re-signs with Nets.— Rick Bonnell (@rick_bonnell) June 13, 2012
It will be interesting to see what happens with this, because had the Nets not made the trade (they were essentially out of the postseason running when the acquisition occurred), Brooklyn would own the sixth overall pick in the upcoming NBA Draft.