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.