Per John Reid:
The qualifying offer, had it been extended, would've made Miller a restricted free agent. As useful as Miller has been in spots over the last two years though, it seems unlikely that too many teams would've been bidding for him as an RFA.
On the eve of free agency, Miler now becomes the second newly minted Pelicans UFA. His cap hold still exists until the team, if they decide to do so, formally renounce him, but for now, it's unclear where Miller factors into New Orleans' long term plans.
It's also worth remembering that we're still waiting for the other shoe to drop in terms of the Omer Asik/Houston deal. Each cap hold drop, each dollar de-committed ostensibly narrows down the financial calculus that will ultimately make the Asik deal legal, though at this point, moves involving Austin Rivers, Eric Gordon, or Ryan Anderson still all need to be considered in play.