The free agent market still has Norris Cole and Jason Terry available and the New Orleans Pelicans have offered Terry a contract and this comes as the Los Angeles Lakers, Houston Rockets and Philadelphia 76ers could be potential landing spots for Cole if he leaves the Pelicans, depending on how things play out with both point guards.
Cole is a restricted free agent and that means any offer he gets on the market can be matched by the Pelicans. Cole has reportedly had interest this offseason from the Lakers, Sixers and Knicks and he also could be a fit for other teams if the Pelicans deal does not work out. According to the New Orleans Times-Picayune, the Pelicans waived Toney Douglas this offseason and they are still waiting to see what happens with Cole. Anthony Davis said he hopes that the Pelicans re-sign Cole, while Sam Amico at Fox Sports reports that the Knicks and Sixers have had some interest in the guard.
The Terry situation likely will not play too much of a part in what happens with Cole in New Orleans at least, as he would be a backup option anyway. According to Mark Berman at Fox 26, Terry has "an offer" from the Pelicans and sources report that Terry thinks the deal the Rockets have offered is "insufficient" for next season. Terry was reportedly close to signing a deal with the Rockets earlier in July, but the two sides could not agree on a deal.
Cole comes in after being acquired from the Miami Heat in a trade last season and he helped the team down the stretch while dealing with injuries. Cole played in 75 games last season and averaged 7.6 points and 3.4 assists per game and the Pelicans may match any deal he gets on the market as long as it is within reason. Davis clearly liked playing with Cole and he comes in with championship experience from his time with Miami.
The Rockets had the chance to sign Terry using his Bird rights exception, but according to Pro Basketball Talk, the team renounced those rights. The team now can use their minimum exception or part of their mid-level exception to sign Terry. That is likely why the deal is in the low range and that could lead Terry to head for New Orleans. Last season Terry stepped up in the playoffs with Patrick Beverley out, but now that Beverley is back and Ty Lawson has been acquired, the Rockets may feel okay about letting Terry go.
Terry played in 77 games last season and was productive, averaging seven points and 1.9 assists per game. According to Marc Stein at ESPN, the Rockets need some more guard depth after the Lawson trade, as the team traded Nick Johnson and Pablo Prigioni to Denver. Terry could still be an option if things fall through with the Pelicans.