Chauncey Billups officially opted out of his contract Monday, making him an unrestricted free agent as of July 1.

"Chauncey's first intention is to come back to Detroit, and we'll continue to explore that as an option, but if we're unable to make a deal with the Pistons my obligation is to look at other possibilities that will provide long-term security for Chauncey and his family," agent Andy Miller told ESPN.com.

Billups was due to make $6,819,000 next season in the final year of his contract, which had an early termination option.