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.

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.

Brooklyn Nets guard Cam Thomas is looking for his payday this summer, but it seems unlikely to happen. The Athletic's Fred Katz gave an update.