My completely uneducated guess is that he'll retire.
He's got more money than he can spend and it doesn't seem like he's making a move towards picking a team.
Agree:
1. I think the fact in the first half of the NBA season it was VERY unclear where to go likely had Ray hedging and that invariably impacted his working out and obsessive compulsive activities. IF Ray found he could live without the workouts and the shooting he edges closer to retirement mentally. AND he knows that he's getting older and his game is inevitably slipping, so why risk hurting his legacy, ego and frustration tolerance by coming back and not performing?
2. So no good choices although Cleveland (most insiders said most likely) may be finally coalescing into something and with DRose down they look to be the team-to-beat in the east.
3. The trade that made Cleveland into a contender was not done assuming Ray also came aboard. Ray is a better shooter but not a better overall player than JR Smith who is 10+ years younger. So Ray has to share or carve out minutes from his buddy Mike Miller and loses out to Smith & Shumpert who are more complete players at this point. Ray can take the 10 minutes a game Matthew Delladova or Miller plays, that's it.
All that said I still want to see him come back just for that ONE big shot he would inevitably hit. So does LeBron I bet. Maybe he starts working out in earnest now to see how fit he can get by the deadline (when?) to be playoff eligible?