Saluting him as "a valued member of the Detroit Pistons family," team officials announced on Tuesday they will not pick up the $2.5 million option on the final season of veteran guard Chauncey Billups' two-year deal.

"Chauncey Billups will always be a valued member of the Detroit Pistons' family," Pistons president of basketball operations and coach Stan Van Gundy said in a release. "Decisions like these are always difficult to make and we certainly wish Chauncey and his family the best in the future."

Chauncey Billups to retire?

After 16 NBA seasons, ESPN reported it's unknown if Billups will now officially retire or attempt to sign with another team. Over his career, the 37-year-old Billups has also played for the Nuggets, Magic, Raptors, Timberwolves, Knicks and Clippers.

"Chauncey Billups embodies what it means to be a member of the Detroit Pistons," team owner Tom Gores added in the release. "His leadership, dedication and excellence both on and off the court provide a great example for aspiring young athletes. He will forever be a welcome member of the Pistons' family, and I am confident that after his playing days are over he will have a long and bright future in this league."

Chauncey Billups says Blake Griffin too nice

Through it all, Billups remained coy about what might come next.

"You don't want to end the way that my last couple of seasons ended," he told ESPN of being limited to just 22 or fewer games each of the last three seasons because of injuries."I feel like I've still got some good years of basketball left. I've said it, time and time again, that I always wanted to be remembered as a Piston.

"This city and this organization is huge, and rich in basketball tradition. Even with me being away on the other teams that I've been on the last few years, I hate to see the Palace look the way it looks during games, with nobody watching."

Billups led the Pistons to an NBA title in 2004 and for his career has averaged 15.2 points and 5.4 assists

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