Utah Jazz?

Question

The Utah Jazz announced today that the team has exercised its first right of refusal on guard C.J. Miles’s contract. What exactly does that mean? Im a little confused.

Answer 1

I think he wants more money or an extension

and he wont get it

I'm pretty sure

Answer 2

it means Jazz have the right of either signing or relasing C.J Miles, I just read it today, they re-signed him.