Strange. As Bruno stated, RC appears to have been trying to bluff his way into a sign-and-trade. Once that didn't pan out, the Spurs were more interested in the open roster spot than bringing back a now redundant player (the only way he wasn't redundant is if the Spurs had simultaneously given up on Joseph, De Colo and Mills).
I'm still hopeful that the offseason isn't over yet but it has been an odd month.
From the outside, it looked like Neal's reps tried to bluff the Spurs with a big contract offer. The Spurs, instead of meeting the demands, simply went ahead and signed Belinelli for less than Neal was asking. Then Buford returned the favor and bluffed the NBA regarding Neal -- but nobody bit......
Now it'll be fascinating to see if he'll get more than Belinelli. I'm guessing not since most of the money around the league has been used up.
P.S.
This could have also been a going away present for Neal. By withdrawing the QO, that raised his value because now teams don't have to worry about the Spurs matching.