The slim hope the Nets had of Deron Williams signing a contract extension has been dashed completely.
Deron Williams.

Williams’ agent said his client will play out this season and become a free agent next summer.

Deron will not be signing the extension,” Jeff Schwartz told The Record this afternoon. “Based on the new rules it doesn’t make any sense for him to sign the extension. It has nothing to do with how much he likes New Jersey. Because of the rules, he’s going to play the season out and probably opt out of his deal.”

As The Record reported in today’s editions, sources with knowledge of the Nets thinking had been resigned to the fact that the chances of Williams’ signing an extension were slim.

According to the new rules, Williams can get a two-year extension from the Nets for roughly $39 million that would be tacked on to the two years, $31 million he has remaining on his deal. If Williams opts out after the season, he could get five years, and about $101 million from the Nets or four years and $73 million from another team.

Nets general manager Billy King spoke to Schwartz on Wednesday, the first day executives could contact agents. King expressed interest in Tyson Chandler and swingman Aaron Afflalo, and had conversations about Williams’ future.

“Jeff and I had spoken about Deron’s contract situation and I am very comfortable with their decision,” King said.

As The Record also reported today, Williams likely will be a Net for the entire season. The extend-and-trade option isn’t appealing to him, Schwartz confirmed. Through that avenue, Williams can only receive a one-year extension for about $18.7 million.

But the fact that Williams will opt out doesn’t mean he won’t re-sign with the Nets in July. They plan to do everything they can to make sure the All-Star point guard is with them when they open the Barclays Center in Brooklyn for the 2012-13 season.

Their hope is to acquire Dwight Howard in a trade from Orlando. In the meantime, the Nets also are targeting big men in free agency with Nene and Chandler topping their list.

They’re trying to build a roster that can compete for the playoffs now and become a championship contender when they are in Brooklyn.

Williams just returned to the New York area after playing in Turkey. It's unclear when he will show up at the Nets' practice facility. Players are permitted to go in for voluntary workouts beginning today.

Source: http://www.northjersey.com/sports/sports_rotator/Deron_Williams_wont_sign_extension_with_Nets_agent_says.html

I assume Chris Paul and Dwight Howard wont sign extensions either.

Good news for us.