Not sure if anyone has seen this yet, but this NY Post article (of sorts) suggests that the Spurs are going to re-sign RJ to a restructured deal, allowing the team to get under the luxury tax threshold.
This part was pretty funny, however.
“Damn, five more years of Jefferson’s junk!” groans Spurs activist Gregg Siegel. “Plus, they don’t get to trade his expiring contract for some real pieces! What a colossal disappointment! I understand why they did it, especially coming from the same people who dumped Luis Scola to save $5M, but no way does this help their team get better. Maybe they could pull a reverse Carlos Boozer and not re-sign him.”