Metta World Peace won't opt out of the final year of his contract with the Los Angeles Lakers, ESPN reports. Although the Lakers owe World Peace only $7.7 million next season, the team might choose to exercise its amnesty provision on the veteran and save millions in luxury taxes.
World Peace had until Tuesday to opt out of his contract with the Lakers. Although he could have been eligible for a new multi-year deal by opting out, a new contract seemed unlikely. Instead, World Peace will play out the final season of his five-year deal and earn $7.7 million.
"He really loves it in L.A. and is proud and excited to be a Laker," Marc Cornstein, World Peace's agent, told the Pasadena Star-News. "That was the biggest determining factor. He loves his time in Los Angeles and has always enjoyed his time in Los Angeles. He proved last season how dedicated and committed he is to the team. It was his strong desire to remain with the Lakers."
Staying with the Lakers might not happen. Although World Peace is due only $7.7 million, he'll count for close to $30 million in luxury taxes. The Lakers, focused on getting their finances in order, can wipe World Peace's contract from the books by waiving him with the one-time amnesty provision.
Los Angeles will still owe him his salary, but the move would ultimately save Los Angeles money - money that could go toward signing impending free agent Dwight Howard.
World Peace, 33, averaged 12.4 points and 5.0 rebounds last season. He underwent surgery late in the season to repair a torn meniscus in his left knee, but returned to the court 12 days later. He missed the final game of the San Antonio Spurs playoff series because of the same knee.
The Lakers have several options: they can waive him and save money now, they can waive another player such as Kobe Bryant (unlikely), Pau Gasol or Steve Blake, or they can choose not to use it.
World Peace may become a casualty of signing Howard to a maximum deal, if Howard decides to stay. Waiving Gasol would save money, but he has trade value and, if Howard walks, can at least play center. Blake is due $4 million this season, but losing him would weaken the depth at guard.
Saving the amnesty for later is unlikely since it can only be used on contracts signed before December 2011, which limits its use to World Peace, Bryant, Gasol and Blake - all of whose contracts expire after next season.
The Lakers have from July 10-16 to inform the league if they choose to use the provision this year.
