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If he took the QO then I'd fully expect the Cavs to shop him. Not sure what the track record is of guys re-signing the summer following taking a QO, but I doubt it's very high. They'd need to rehab his trade value in the first half of the season if that were to happen.
If he takes the QO Hood would have to approve the trade, plus the team getting him would not have bird rights. If he signed the QO he is mostly likely here, unless a playoff team wants to add him as a one year rental. To me I wonder if we offer him a 1 year deal with a player option for 6-8MM, we then get a tradechip and can trade his bird rights.