Of course, as a formality, the Warriors will invoke their QO on Biedrins before agreeing to a long-term contract extension. But Biedrins will not play on the QO next season... and certainly not because it's offered and he declines it - as we saw with Pietrus, Pavlovic, and Varejao, that's a no-win proposition for players and agents.
Biedrins does NOT hold every single card. There is a mutual interest between both parties to come to a long-term agreement this summer, and that is what I think will happen.
It was reported that the Warriors and Biedrins' agent discussed an extension last summer. But the only reason for the Warriors to agree to an extension early is if they were getting a discount.
Fair market value for Biedrins is perhaps best illustrated by the Clippers' Kaman. Kaman's deal averages $8.7 mil per. Last summer, it was thought around the League that this was overpaying. This season, it seems fair. So let's say the Warriors were offering $8 mil per, and Biedrins' agent countered with $10. The Warriors would probably (rightfully) think, if we're going to pay him $10 mil per, we might as well wait until next summer, make sure his improvement is on course and he doesn't suffer serious injury.
So, assuming the Warriors are well prepared to give Biedrins $8-10 mil per, by playing out next season on the QO, Biedrins would be giving up between $4.4-$6.4 mil (the difference between the $3.6 mil QO and the $8-10 mil on the table from the Warriors).
On top of that, when Biedrins becomes unrestricted, it is no sure thing that any team is offering considerably more than $10 mil per.
Maybe some team offers Biedrins $11 or $12 mil per. But if that is the case, I think it would be more likely when Biedrins is restricted, and the team has to offer a big deal in order to have any chance of the Warriors passing. In that case, I still think the Warriors match.
And if Biedrins were to play on the QO, get injured, or just not show enough to merit a deal at $11 or $12 mil per, he could find himself not only losing out on $5 or $6 mil next season, but on even more when he signs the following year.
Biedrins is a very good young player. He's not a max contract player, though, and I think there are always doubts about Nellie's players as to whether they are a product of the system or could flourish anywhere. All that said, with the Warriors in the driver's seat and fully appreciating the value of a center after so many years without one, I would be really, really, surprised if the two sides didn't come to a long-term agreement this summer. And I am eminently confident in wagering 10 RealGM props to back my case
