That's a big partial guarantee and it changes a lot the way to view Fredette training camp odds. Fredette is more than just a training camp invite. His odds at making the roster at the end of the training camp are really high because Spurs will save no money by cutting him at that moment. The only case where cutting him would makes sense would be if Spurs need a roster spot because a training camp invite has shined.
Fredette is basically guaranteed to be a Spurs until December 15th. At that moment Spurs could trade him away to save some luxury tax if he sucks.
Rejoice Jimmer fans, it looks like Spurs still believe in your guy quite heavily.