No they don't: he's been released. He would have to ask for that, though - the club can't just do it unilaterally without, as you say, paying him out. Lomax is basically backing himself to get a better deal (or at least one he prefers) elsewhere. It's certainly a gamble.Wouldn't they have to cover some of the 800k for the next couple of years?
I can't imagine anyone else is going to pay him that, and this is why we were stuck with Nofa. We had to offer him a payout to get him out.