"Spurs fans who celebrated the news that Richard Jefferson opted out of the final year of his contract — and questioned his sanity for passing on the $15 million he is guaranteed to make next season — were as misguided as they assumed Jefferson to be.

Unless it's payday and you're Peter Holt, there is no reason to feel good about the prospect of having Jefferson disappear from the Spurs roster, no matter how underwhelming his first season in silver and black may have been.

The Spurs chairman won't have to sign any more of those bloated paychecks with Jefferson's name, but he is a basketball man at heart, so he knows this is true: From a basketball standpoint, losing Jefferson does not help his team.

Should Jefferson sign with another team and leave the Spurs high and dry, the team's payroll still will be at, or near, the league's salary cap figure.

Then they will be faced with wringing from two exceptions to the NBA's cap rules — the $5.8 million mid-level exception and the $2.08 million bi-annual exception — a way to sign 2007 first-round draft pick Tiago Splitter and a replacement for Jefferson.

For the Spurs, the only good outcome of Jefferson's decision is a long-term deal that will bring him back for a lot less dough, and this is what Spurs fans should expect.

How far below $15 million can Jefferson go without looking like a complete fool?

Already he is a laughingstock on the Internet. A headline on Yahoo! Sports read: "Jefferson opts out of contract, mind."

Incredulous at Jefferson's decision, respected NBA basketball executives pondered preposterous pecuniary precedent.

"This one is right up there with Bonzi Wells," said one Western GM, recalling how Wells walked away from a five-year, $37 million offer from the Kings in the summer of 2006, then ended up with a two-year, $4.5 million deal in Houston."