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Blazers Sign Greg Oden To One-Year Deal After "Setback" Leaves Them "Less Confident" Of 2011-2012 Return

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*** This post has been updated. Read all the way through. ***

The Portland Trail Blazers issued the following press release on Friday afternoon, announcing that center Greg Oden has suffered a "setback" in his recovery and that the team has signed him to a one-year contract that is "independent" of the anticipated $8.9 million qualifying offer because they feel "less confident" he will be able to play this season.

The Portland Trail Blazers have come to terms with center Greg Oden on a one-year deal, the team announced today.

The contract agreed upon today comes after both sides mutually agreed to negotiate a new deal that is independent of the qualifying offer.

"Following Greg's most recent physical examination and evaluation, we've determined that he has suffered a setback," said Trail Blazers President Larry Miller. "We're hopeful, but less confident that he will return to the court this season. We've stood by Greg from the day he was drafted and we continue to do so now with this agreement."

Oden, 23, has averages of 9.4 points (57.7% FG), 7.3 rebounds, 1.43 blocks and 22.1 minutes in 82 games (60 starts). He has notched 21 double-doubles and grabbed 10-plus rebounds 26 times.

"I'm obviously disappointed with the setback, but I'm as determined as ever to return to the court," said Oden. "I appreciate the support of the Trail Blazers and our fans and that they continue to stand behind me."

The first overall selection in the 2007 NBA Draft out of Ohio State, Oden missed his rookie 2007-08 campaign after undergoing microfracture surgery on his right knee. He would later miss the 2010-11 season after microfracture surgery was performed on his left knee.

Earlier, Jason Quick of The Oregonian reported...

Blazers determine center Greg Oden has suffered setback, and restructure his one-year deal for a lesser amount

Oden on Thursday was examined by Dr. Steadman in Vail, and said he was given the nod to expand his activity, indicating he had made progress

But the Blazers, who didn't comment Thursday after his appointment, determined that he is less likely to return to the court this season

Oden's setback is with a non-weight bearing ligament. He has no symptoms and doesn't feel restricted, but there is concern w/ the fragility

On Thursday, Oden reportedly underwent medical testing in Vail, Colorado, which had apparently cleared him for some activities.

Here are Nate McMillan's comments on Oden. McMillan addressed the media roughly two hours after camp ended. See the post below for his comments on Roy.

McMillan on if Oden will play this season: "I certainly hope so"

Blazers Acting GM Chad Buchanan praised Oden's agent for agreeing to take the smaller deal and not just pursue the original qualifying offer in negotiations that included both Buchanan and Blazers president Larry Miller, who was in New York City for the NBA's Board of Governor's meeting.

This post will update with additional information when available.

Thanks to Milkbomb and Blazas! who got there first in the FanShots.

-- Ben Golliver | benjamin.golliver@gmail.com | Twitter