Mayo, who signed with the Mavericks as a free agent last offseason, could have returned to Dallas for $4.2 million. The 25-year-old averaged 15.3 points, 4.4 assists and 3.5 rebounds.
"Getting something long term, locking something in is what I think is best for me," Mayo said on Thursday.
That doesn't preclude Mayo from returning to the Mavs. Coach Rick Carlisle said Mayo has the potential to be a building block for the franchise going forward.
- - -
The NBA unveiled an anti-flopping disciplinary schedule on Thursday that will be used during the 2013 play-off.
In the postseason, players will be fined $5,000 for a first offense, $10,000 for a second, $15,000 for a third and $30,000 for a fourth. Beyond that, a player is subject to an increased fine and/or suspension.
The league defines flopping as a physical act intended to gain a foul call on another player.