What this means: If any other teams award Price or Williams an offer sheet, the Kings have the option to match. Amick nor the Kings organization released the amount for the qualifying offer, but we can figure that out from the collective bargaining agreement: qualifying offers are 125% of the players' previous year salary.
Price made $664,000 last year, so his qualifying offer was $830,000. Williams made $285,000, so his qualifying offer would be $356,000.
I think Price will slide by without an offer sheet from another team, which means Price plays for us for $830,000 or he heads to Europe (where I think he could make that much after taxes and with room and board provided).
Williams, I think, has a chance to get a higher offer sheet, maybe something around $1 million. Depending on how well he plays in summer league and what the Kings do in the draft and free agency, we might even see the Kings offer Williams a multiple-year deal (which they can do) to avoid another qualifying offer year next summer. This type of restricted free agency is only available in the player's first three seasons, and Price just finished his sophomore campaign (as hard as that is to believe).
Also, as section214 reported, the options for Francisco Garcia and Quincy Douby for 2008-09 were picked up. No surprise at all there.