The Nets appear to be waiting out the market, looking to sign Thomas on a deal for something closer to the mid-level exception — he has turned down a two-year, $28M offer — than the $25M he is demanding. With cap space across the league at a premium and the specter of the aprons lurking, Nets general manager Sean Marks may have the right idea.

The Athletic recently polled 16 members of NBA front offices (including no one from the Nets), asking what they would consider a “fair” contract for each restricted free agent who remains unsigned: Thomas, the Golden State Warriors’ Jonathan Kuminga, the Chicago Bulls’ Josh Giddey and the Philadelphia 76ers’ Quentin Grimes.

Not extending Thomas and letting him join a contending team next season through a sign and trade would be a huge mistake for the Nets moving forward as a rebuilding team. Brooklyn finished the 2024-25 regular season with a 26-56 record in 12th place in the Eastern Conference.