So where do you see him going?
Call me crazy, but I actually think he follows through on his threat to take the QO. I think if the Mavs especially get a PG like Burke in the draft, Jennings will get so frustrated by the lack of a PG market that he just takes the 1 year deal, has no-trade power, and becomes a FA in a big FA class when iffier PG situations will pop up, more than the couple here and there.
For those that may say "why would he do that? Risk injury, not play as well, etc.," his agent is Dan Fegan and he's the one who took that risk before ever signing an NBA deal. He may be crazy enough to just do it.
EDIT: Don't forget Eric Bledsoe. His negotiations could very well affect Jennings. They may look at Bledsoe as a cheaper, less of a malcontent, more potential version of Jennings.