Hood accepts Cavs' $3.4M qualifying offer

Rodney Hood is betting on himself.

The Cleveland Cavaliers swingman signed a $3.4 million qualifying offer, the team announced, and he'll become an unrestricted free agent next offseason.

Hood's restricted free agency lasted this long due to his previous unwillingness to accept a multi-year offer from the team in the range of $7 million annually.

The Cavs explored sign-and-trade scenarios with Hood, but no deal materialized as he hoped for an offer sheet in the $10M-$12M range, according to ESPN's Adrian Wojnarowski.

The 25-year-old was expecting a big payday this offseason, but struggled to adjust to a smaller role with Cleveland, and fell out of the rotation for stretches of the postseason.

He averaged 10.8 points in 21 games after the Cavaliers acquired him at the trade deadline.