The deadline for contract extensions was Monday, and Lonzo Ball will not be receiving a rookie extension from the New Orleans Pelicans.

Adrian Wojnarowski of ESPN reported the two sides did not reach an agreement prior to Monday's deadline. However, Ball's agent–Rich Paul of Klutch Sports–tells Woj the two sides “remain positive about the ability to move forward together.”

Ball will become a restricted free agent at the end of the season.

As Paul hinted in his statement to Wojnarowski, this is no reason to panic regarding Ball's status with the Pelicans.

After all, New Orleans did not acquire Ball as part of the Anthony Davis trade just to let him walk two years later. Plus, Ball showed tremendous amounts of growth this past season.

The former No. 2 overall pick shot 37.5 percent from beyond the arc on 6.3 attempts per game. Ball averaged 11.8 points, 7.0 assists and 6.1 rebounds and showed a strong rapport with Pels rookie Zion Williamson, both in transition and in the half court.

That does not account for Ball seeing slight regression on the defensive end, though he is still regarded as one of the better perimeter defenders in basketball.

New Pels head coach Stan Van Gundy has said he is impressed with Ball's communication from the point guard position, and Lonzo appeared to attack the basket with more vigor during the preseason.

This could be the best move for both sides. Ball will have the chance to prove himself and earn a bigger contract in RFA, while the Pels do not lock themselves into a contract without first seeing what kind of strides the former UCLA star makes under Van Gundy.