UPDATE: Marc J. Spears of Yahoo! Sports gives more details into the signing.
Chandler Parsons has a player option in third year of the offer sheet with the Mavs & was attracted to their uptempo offense, a source says.— Marc J. Spears (@SpearsNBAYahoo) July 9, 2014
ESPN sources say Mavericks and Rockets RFA Chandler Parsons have reached agreement on three-year offer sheet worth in excess of $45 million— Marc Stein (@ESPNSteinLine) July 9, 2014
Apparently, Houston was hesitant to offer him that much money.
Houston and Parsons, a restricted free agent, negotiated throughout day, but were unable to come to an agreement on a deal, sources said.— Adrian Wojnarowski (@WojYahooNBA) July 9, 2014
Still confused about how restricted free agency works? Go read Hal Brown's extensive breakdown right here.