95.5 just reported James did not exercise his option for 08/09. He is now an unrestricted free agent

I think this means he's gone. We would have liked him to stay one more year, see if his knee hold up, and then look at it again next summer.

Given our roster depth, the summer 2009 possibilities, and questions about his knee, I don't see us signing him to a multi-year contract.

The only scenario where we resign him is if we made a trade or trades that see us getting rid of Martel or Outlaw and not bringing back any other SFs in the draft or via trade. Even then, we could look to pick up another veteran FA rather than Jones.

This also helps P.Ko potentially nab a spot on the 15 man roster, assuming he earns it in summer league.