C.J. Miles will opt out of his contract this summer and become a free agent. The Indiana Pacers and other teams are expressing interest.

C.J. Miles will opt out of his contract with the Indiana Pacers this summer and become a free agent, but he is interested in re-signing with the team, according to a source with knowledge of the situation.

New Pacers president Kevin Pritchard has also contacted Miles since the season ended to express his interest in retaining the 30-year-old sharpshooter, said the source.

In his contract, Miles has the option to play another year for the Pacers in 2017-18 for $4.7 million next season. But after last summer’s spending bonanza in free agency, he is expected to field larger offers this summer, and at 30 years old he will be looking to sign a longer-term deal.

While Pritchard and the Pacers are interested in keeping Miles — and the 12-year NBA veteran expressed interest in staying — there are several teams looking to sign Miles as well, said the source. Miles joined Indiana in the summer of 2014 as a free agent after playing two seasons with the Central Division rival Cleveland Cavaliers.

C.J. did a little bit of everything this season for Indiana and made over 40% of his 3-point attempts for the first time in his career. While 30 is “old” by NBA standards, shooting is a skill that ages well and is the key reason the Pacers or another team wants Miles on their roster.

His teammates and coaches in Indiana have also praised his selflessness and versatility, illustrated in particular by his willingness to play power forward at the start of the 2015-16 season despite standing only 6’6”.

The news of Miles opting out was expected, but now we can say for sure that the Pacers will need to spend a little bit more next season to retain the veteran shooter.

With so much uncertainty clouding this offseason, it remains unclear if Indiana will have the ability or desire to bring him back. If the team’s goal is to bolster the roster with other free agents and retain Jeff Teague then Miles may end up being a victim of salary cap realities.

And if Indiana’s front office decides to trade Paul George and go into rebuilding mode then Miles may decide he would rather play for a team closer to contention rather than serving as a veteran mentor to developing teammates.