OK, so this is actually tricky.
We had Keon on a Two-Way last year. We have him currently on a two-year deal with a team option for a third year. Since Keon did play in the NBA (16 games) last season, he established a year of service time. This year is year two of service time. Next year is year three of service time.
The team option year would be year four of service time. After that season, Keon would be an UNRESTRICTED free agent, because only players with three years of service time or less, or players coming off of a first-round rookie contract can be restricted. Keon would not qualify.
That means that if we want to make Keon a restricted free agent, we have to DECLINE the third year option, and let him enter free agency in the summer of '25.
Since Two-Way deals DO count for Bird Rights, we would have Keon's Bird Rights if we declined the team option.
So things could get very interesting, with the Kings possibly declining the option for year three in order to ensure that they can resign Ellis as both an RFA and with no effective cap restrictions.