Michael Cunningham of the Atlanta Journal Constitution reports:

Mo Evans exercises option to stay with Hawks

Mo Evans studied this summer’s NBA free-agent market, considered the $2.5 million he would get for returning to the Hawks, and chose the money in hand.

Evans said he exercised his 2010-11 contract option with the Hawks on Tuesday. Evans, who also made $2.5 million in 2009-10, said he didn’t like his chances of securing a long-term contract as a free agent.

“There are not a lot of teams out there giving away contracts,” Evans said. “I’m satisfied with my deal even though it’s undervalued. I’m still going to go out and do my job.”