Update: Larkin will opt out of his $1.5 million player option for the 2016-17 season and become an unrestricted free agent, Alex Kennedy of BasketballInsiders.com reports.
Analysis: Larkin played in a reserve role for the Nets this past season, averaging 7.3 points, 2.3 rebounds, 4.4 assists and 1.2 steals over 22 minutes per game. With the salary cap expected to increase at the start of the new league year, he'll opt out of his current contract in hopes of seeing an increase in pay. Larkin has seen just 39 starts over the first three years of his career, so he'll likely have to settle for a bench role with his new team. Larkin is considered an unrestricted free agent and will have the option to sign with whoever.