He's a restricted free agent, but the Clips should still explore signing him. Small forward is the Clips biggest need. Outlaw may be able to fill that spot. That would be great, because he certainly would come cheaper than Gay.
Gay is the only premier small forward availble this free agency besides Lebron James. If the Clips scored him and added some other nice back up pieces like Steve Blake and Outlaw -- who can also backup at power forward -- the Clips would have a talented squad. That type of talent may be able to lure an Avery Johnson to coach.