Tony Jones of The Salt Lake Tribune:
Utah can technically sign Hill to a contract extension through June 30, but without it tied to a renegotiation, available only before March 1, that’s unfeasible.
Hill will become an unrestricted free agent. The Jazz will hold his Bird Rights and can pay any amount up to the max to keep him.
But he’ll be 31, and four- or five-year contract could be be burdensome on the back end. Hill rejecting a renegotiation-and-extension — which could have given him a $13,644,808 raise this season and three additional years for $75,039,844 — suggests he wants that longer deal.
And maybe the Jazz will give it to him. Hill has been exceptional, and their window to win is open. Making Dante Exum the starting point guard would present huge risk.
First, letting the renegotiation window pass has ramifications this season. Not only do the Jazz have $13,644,808 in cap room, they’re $4,230,508 below the salary floor. That money to the floor must get used one or another. Perhaps, Utah plays the waiver wire. Unfortunately, it’s too late to claim one player who could have fit reasonably well: Deron Williams.