Because of limitations with the NBA’s new collective bargaining agreement, Gerald Wallace will not seek a contract extension with the Trail Blazers this season, his camp has informed the team.
However, after this season, Wallace will be open to an extension, his representatives said, adding that Wallace loves Portland and is open to retiring in a Blazers uniform.
Wallace is under contract for this season and the 2012-2013 season, but he can opt out of the final year of his contract, which would pay him $11.4 million. The Blazers had hoped to avoid that potential scenario and in December had casual conversations with agent Rob Pelinka to extend his contract this season. However, under the new CBA, the Blazers can only extend Wallace for two more seasons, down from the four-season option in the previous CBA.
— Reported by Jason Quick of The Oregonian