Miles Bridges has signed a $7.9M qualifying offer to remain with the Hornets for the 2023-24 season, per ESPN’s Adrian Wojnarowski.

Bridges will become an unrestricted free agent in the summer of 2024. Accepting the qualifying offer also comes with a full no-trade clause, and any team that trades for him would not receive his Bird Rights for next summer.

Woj notes that the Hornets and Bridges’ representation are “far apart in extension talks.” Understandably, the Hornets seem to have low interest in meeting his expectations for a new deal coming off a lost season due to a June 2021 arrest and subsequent no contest plea. Rather than accept a lower-value long-term deal, Bridges will play out this season and then hit the market as an unrestricted free agent.

My initial read on the situation was obviously completely incorrect (hand up, my bad), as Bridges has now signed the qualifying offer that was extended to him on June 28. The entire situation has been murky at best, but after a year of turmoil and vague details, we have an answer as to what the Hornets’ future plans for Bridges are.

The Athletic’s Shams Charania mentioned in his report that the Hornets’ final offer was laid on the table Sunday. Bridges and his camp were quick to turn that down and sign the qualifying offer later that day.