Before July 1 • The Blazers can offer Oden a one-year qualifying offer worth $8.8 million and he would become a restricted free agent. • The Blazers can offer a maximum qualifying offer — six years at maximum salary. • The Blazers can cut ties with the former No. 1 overall pick and not tender him a qualifying offer, making him an unrestricted free agent.
Assuming the Blazers tender Oden the one-year qualifying offer (which seems likely) and Oden does not immediately sign it, he becomes a restricted free agent on July 1.
After July 1: • The Blazers can negotiate a multiyear contract with Oden at terms the sides agree to. • If Oden receives a deal from another team in free agency, the Blazers can match that deal and sign him to those terms. • If Oden receives a deal from another team and the Blazers don’t like the terms, they can try to orchestrate a sign-and-trade to get something in return. • If Oden receives a deal from another team and the Blazers don’t like the terms, they can let him walk.