Mayo can begin negotiating with teams and declare his intent to sign, but nothing official will happen until July 10 when the free agency moratorium ends and the league nails down the salary cap and luxury tax levels.
However, one thing that we can tell for sure is that the shooting guard market is bare, and it looks to be that way for years into the future.
The league is short of solid shooting guards, and with the top-tier guards like James Harden, Kobe Bryant, and Dwyane Wade locked in for the time being, the second-level guys who are free to roam from here to there every few seasons can end up getting big bucks.
Andre Iguodola is at the top of this year's crop, but Mayo has quickly risen to the slot right behind him and possibly even above him in some cases.
He's not as inconsistent as J.R. Smith, he shouldn't demand big money for inefficiency like Monta Ellis and he's nowhere near as enigmatic as Tyreke Evans.
Mayo is a much better shooter than Iggy, and his defensive shortcoming no longer seem to be as evident as he's turned into a more mature player.
Dallas' former shooting guard made 47 percent of his two-point shots last season and put together his best three-point shooting season, cracking the 40 percent mark and officially becoming a good shooter in the eyes of many around the league.
So which team is in need of a scorer from that 2-spot, and of those which make the most sense to land Mayo?
As usual, these looks are meant to be realistic, so most teams who would be good fits for Mayo also must have at least some salary-cap flexibility. My sincerest apologies to the New York Knicks and Los Angeles Lakers.