On the one hand, he is under contract with Unicaja Malaga.
On the other hand, players in Europe have been released from contracts before (e.g., Pops Mensah-Bonsu last year) and Unicaja is sucking majorly in the ACB this season, so might regret their fairly expensive investment. I'm guessing they wouldn't just release him, though, as there's a lot of money to be made in buyouts...
I'm sure KP has lawyers checking out right now, particularly as one main reason Freeland didn't want to come over was that there was unlikely to be minutes for him with Joel, Greg and LaMarcus healthy.
(One last thought, though: Freeland's agent might advise him to stay in Spain one more year because if so (I believe) he won't be bound by the rookie scale any more.)