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I’d put him on the market. See if any offers come in.
I first thought this post was TIC.
Given his salary, his recent play, his injury history, and his age, there's not a team in the league that would take him for free. The salary cap risk is too high vs. the possibility that he'll become a star player again.
I hope you have someone managing your retirement assets, to help you avoid this "buy high, sell low" approach.