As I understand FIBA rules on professional contracts a player can change leagues after sitting one year without playing professionally, even if it was a year that would fall under the old contract. This understanding comes from discussions about international prospects under contract. Even if a NBA team has the NBA rights to a player they must either have the international contract bought out or expire before being brought over, or the player has to not compete for a year.
Now if the lockout lasts a year does this count as that non-competitive year? So can NBA players start signing multi-year contracts in other leagues? Would this require some sort of official renouncement of the NBA contract? And if so, could the player sign a new contract upon returning to the NBA?
Imagine the lockout drags a year, and continues along through the summer. Now could a player (say, LaMarcus) sign a contract for the ACB, play a year in Spain then hit the open market in the NBA? He received a sub-max offer on his current contract, but I'm pretty sure he'd get maxed if he hit the market in two summers, so losing his current deal would be to his benefit (as would be the case for other players outproducing their contracts).