Per ESPN’s Marc Stein, Jared Dudley will exercise his option to stay with the Milwaukee Bucks for the 2015-16 season. With his deadline today, Dudley will be paid $4.25 million next year. TNT’s David Aldridge confirmed the opt-in by Dudley, and added that “Sides working on long term deal, but at the least he opts in for 2015-16.” Here are Stein and Aldridge’s tweets:

Additionally, Eric Pincus from the Los Angeles Times reported that the Bucks have waived Caron Butler and Shawne Williams, as expected. This makes the Ilyasova trade officially a cap space creator for free agency.

With Dudley’s option exercised and without Butler and Williams’ contracts, here is where the Bucks’ salary cap stands heading into free agency tomorrow to re-sign Khris Middleton and to target Tyson Chandler, Greg Monroe, Robin Lopez, and more players:

O.J. Mayo $8,000,000

Greivis Vasquez $6,600,000

Zaza Pachulia $5,200,000

Jabari Parker $5,152,440

Jared Dudley $4,250,000

Jerryd Bayless $3,000,000

John Henson $2,943,221

Khris Middleton $2,725,003 (qualifying offer)

Michael Carter-Williams $2,399,040

Miles Plumlee $2,109,294

Giannis Antetokounmpo $1,953,960

Larry Sanders* $1,865,546 (stretch provision)

Tyler Ennis $1,662,360

Jorge Gutierrez $947,276** (non-guaranteed, and will play in Summer League before a decision is made)

Damien Inglis $855,000

Johnny O’Bryant $845,059

Rashad Vaughn TBD

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Total: $50,508,199

Projected Cap Space with $67 million cap: $16,491,801