By: Brandon Apter, managing editor 
On Thursday, the Philadelphia 76ers exercised their team option on Hollis Thompson. The team has opted not to submit a qualifying offer to Isaiah Canaan though, making him a free agent on July 1.
Sixers guard Isaiah Canaan to become free agent after team elects not to extend qualifying offer, league sources tell @clevelanddotcom.
— Chris Haynes (@ChrisBHaynes) June 30, 2016
Philadelphia acquired Canaan on February 19, 2015, in the trade that sent K.J. McDaniels to the Houston Rockets. In addition to getting Canaan in the deal, the Sixers also received a second round pick that ended up being Richaun Holmes.
Canaan, 25, played in 99 games for the Sixers and averaged 11.4 points on 36.4 percent shooting. He shot 36.3 percent from beyond the arc. According to Hoopsrumors.com, the qualifying offer would have been worth $1,215,696.
