Restricted free agent Rodney Hood accepted a one-year, $3.4 million qualifying offer from the Cavs on Sunday, according to Joe Vardon of Cleveland.com.
Hood had been seeking a long-term deal for about $7 million per year, according to Vardon. But with Cavs media day set for Sept. 24, Hood acquiesced and elected to become an unrestricted free agent next summer.
Acquired from the Utah Jazz at the Feb. 8 trade deadline, Hood averaged 10.8 points and 2.6 rebounds in 21 games with the Cavs, shooting .442 from the field and .352 from 3-point range. He was more productive in the structured offense of the Jazz, averaging 16.8 points in 39 games.
Hood hurt his value with his playoff performance as he averaged 5.4 points while shooting .424 from the field and .167 from beyond the arc in 17 games with one start.
According to ESPN’s Adrian Wojnarowski, the Cavs and Hood explored several sign-and-trade options, but Hood’s hope of receiving a deal that would pay him $10-$12 million annually never surfaced.
Hood, 25, a 6-foot-8 shooting guard, now becomes part of the Cavs’ rebuilding effort around Kevin Love following the free agency departure of LeBron James to the LA Lakers.