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Reggie Bishop signed with Real Madrid of the Spanish League. CSKA Moscow didn't have the money to offer him what he's worth and he wasn't willing to endure the wrath of their fans by playing for another Russian club, so opted against going back to Russia.
He signed with Real Madrid for 4 years and $32.2 million net income contract, a lot more than he'd have ever gotten under the 2nd year of his rookie deal, plus two more option years. The Pacers were undoubtedly disappointed with his decision to bolt back abroad, but have retained his rights should he decide to return to the NBA at some point in the future.
The contract does contain opt outs in each of the three years, so he can indeed leave and go back to the NBA should he choose to.
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