Cam Thomas ended his free agent stalemate with the Brooklyn Nets on Thursday, signing his one-year, $6 million qualifying offer. The 23-year-old will hit unrestricted free agency next summer and have a no-trade clause during this season. The failed contract negotiation confirms what Brooklyn fans should have already known: the Nets do not consider Thomas a starting-caliber player, let alone a star.

There was substantial evidence to suggest this entering Thomas' free agency. Despite numerous flashes of scoring brilliance, the 2021 first-round pick's role remained in flux through his first two and a half seasons.

The Nets' historic 2025 draft added to questions about Thomas' future. Brooklyn used three first-round picks on lead ball-handlers, each of whom possesses excellent size and passing ability.

“It's 0.5-second basketball, you catch and make a decision. You don't hold the ball… It's also where the NBA is going: guys who can play multiple positions, guard multiple positions, and make it hard on the defense,” general manager Sean Marks said when asked about his draft picks.

The quote was a clear indicator that Thomas — an undersized, shoot-first guard who has been a poor defender throughout his career — would not be a part of the team's long-term plans.

Brooklyn's negotiations with Thomas, who was reportedly seeking an annual salary approaching $30 million, reflected that reality. According to ESPN's Shams Charania, the Nets offered a two-year, $30 million deal with a team option and a one-year, $9.5 million deal that required Thomas to waive his no-trade clause.

Thomas declined both, leaving millions on the table to retain the right to choose his next destination. With an inevitable breakup on the horizon, many are questioning: Did the two sides make a mistake?

Did Nets or Cam Thomas make a mistake during failed contract negotiation?

Brooklyn Nets guard Cam Thomas (24) handles the ball during the first quarter of the game against the Phoenix Suns at Footprint Center.
Mark J. Rebilas-Imagn Images

From Thomas' perspective, it's difficult to envision the decision not costing him money in the short term. He'll have to secure a contract worth $24 million in 2026-27 to recoup the amount he left on the table.

Thomas may feel he can strategically increase his long-term value by hand-picking his next destination. However, passing up a $30 million contract is a risky proposition for a player who has not had a trade or free agent market thus far in his career. The Nets now have little incentive to offer Thomas a featured role this season, which could complicate his market next summer.

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For Brooklyn, Thomas' signing the qualifying offer is a poor outcome, as they lose control of him as an asset. Yet, Marks and Co. clearly felt that a contract paying the guard $20 million-plus would have negative value. The rest of the league appears to agree.

Unlike fellow restricted free agents Jonathan Kuminga and Josh Giddey, no team had reported interest in pursuing a sign-and-trade for Thomas. Further, the NBA trended away from score-first guards this offseason. The Utah Jazz had to attach a second-round pick to Colin Sexton in a trade for Jusuf Nurkic, the Portland Trail Blazers salary-dumped Anfernee Simons, the Miami Heat acquired Norman Powell essentially for free, and Jordan Clarkson signed for the minimum.

In an NBA that is more talented and versatile than ever before, there isn't a market for undersized guards who don't defend or elevate their teammates offensively. Thomas has done neither up to this point in his career. A contract paying him over $20 million annually would be a bet that he will reassess his approach to the game.

However, such a change would require a level of self-awareness that Thomas has yet to display thus far in his career. Earlier this offseason, longtime NBA writer and podcaster Zach Lowe relayed that the consensus around the league on Thomas was “empty calories, ball hog.” The Nets guard's response did little to inspire confidence that he will reevaluate his playstyle.

Thomas will now enter the most high-stakes season of his career on a team with which he appears to have no future. He'll likely begin the season with a starting role. However, as the year progresses, it will be difficult for the Nets to justify playing him over their rookies or other young prospects.

This points to a midseason trade as the most likely outcome. Brooklyn would have to work with Thomas' representation to find him a destination he deems desirable.

From there, it will be on Thomas to prove the Nets and the rest of his detractors wrong. Doing so will be a tall task. However, Thomas has never lacked confidence in his abilities, for better or worse.