Summary
After being drafted in the mid-2nd round in 2019, Horton-Tucker showed some real promise in his first two seasons in the league, which earned him a 3-year, $31 million contract in 2021. The early hype on THT was probably a little bit overblown, and he has not lived up to the promise he showed early in his career. 

Horton-Tucker has shown flashes of legitimate off-the-bounce game. He attacks the rim hard, has the ability to create his shot at multiple levels, and has real confidence on the offensive end. He shows good footwork on drives, striding to the rim or pivoting to create space inside. He averaged a career high 3.8 assists per game in '22-'23, and his assist rate has actually been solid for a wing. You wouldn't call him a play-maker for others, but he has started to show flashes of good reads when finding teammates. 

Despite the flashes of offensive skill, the efficiency just hasn't been there. He has only hit 49% of his 2-pointers, and a very poor 29% of his 3-pointers. At this point, we should be worried about whether he will ever be an average shooter from outside, and his midrange and paint efficiencies have also been poor. 

Horton-Tucker also has some real defensive potential with his athleticism and long wingspan. He uses those traits to post high steal and block rates for a wing. However, he has yet to fully figure out NBA defense. He tends to get beat as an on-ball defender, and isn't the most positionally aware defender when it comes to rotating and being in the right position. He gives decent effort on that end, so it's more of a "doesn't know how" thing rather than a "won't", which I think is slightly encouraging when projecting improvement.
 
Horton-Tucker will still only be 23 years old as a free agent in 2024, but his career has been on a downward trajectory and he likely needs a change of scenery to try and prove he can be a reliable rotation player.
 
Cap Considerations
Horton-Tucker will be an unrestricted free agent with an $20.9 million cap hold and full Bird Rights, meaning the Jazz will have no restrictions on re-signing him. As Horton-Tucker's cap hold exceeds the salary he will get in free agency, his cap hold is not really relevant. If the Jazz re-sign Horton-Tucker, his cap hold will be replaced by his starting salary, cutting into the Jazz's cap space.

If Horton-Tucker is brought back by the Jazz on a multi-year contract they could benefit from frontloading his contract, as it could give them additional flexibility in the future. Doing so would cut further into their cap space though.

Other teams will have multiple ways to sign Horton-Tucker as even teams without cap space could use any of the Non-Taxpayer MLE, Room MLE, or possibly even the Room MLE or Bi-Annual Exception to sign him. It's even possible that Horton-Tucker only gets minimum offers.