Spencer will be a restricted free agent with a $2.6 million cap hold and Qualifying Offer, and the Warriors will have his Early Bird rights. It's likely that the Warriors do not give Spencer a QO, which would make him an unrestricted free agent. If the Warriors re-sign Spencer using the Early-Bird Exception, they could offer him a starting salary of up to 105% of the average salary this past season (roughly $14.4 million), which should be more than enough to retain him. Since Spencer will only have two years of service, he will be subject to the Gilbert Arenas provision if he is given a QO. This means that any offer sheet he signs with a team besides Golden State can have a starting maximum salary of $14.1 million, but the third and potentially fourth years of that contract can have a large jump (up to the max). His cap hit would then be the average salary over the life of the contract. If the Warriors match, they could choose for his cap hit to either be his actual salary per season or the average over the life of the contract, provided the average fits within the Early Bird Exception or cap space.  Realistically, the Arenas provision will not come into play for Spencer, as any offers for him would fit well within the full Non-Taxpayer MLE over the length of the contract. It's also likely that he's an unrestricted free agent with only minimum offers, and he may not even get fully-guaranteed offers. He is also still two-way eligible.