Cam Thomas knows how to put on a show. Last season, even in a limited 25-game run, he averaged 24 points. Fans still talk about those 40-point explosions, the kind that make you believe he’s the future. But behind the scenes, Brooklyn’s front office is unsure. His defensive numbers raise concerns:  they’ve allowed 116 points per 100 possessions when he’s on the court. And with his asking price climbing, the Nets aren’t rushing to lock him in, even though they’ve refused to let him walk.

So why is their most electric scorer still unsigned? It comes down to money and belief. Brett Siegel of ClutchPoints shared that Thomas wants a deal worth $20–25 million per season. But Brooklyn isn’t sold on building around him. “They’re treating Cam Thomas like a hot mixtape they’re not ready to drop,” Siegel reported. It’s not about scoring alone; instead, it’s about whether he can lead a team. And right now, the front office is keeping its foot on the brakes.

From Thomas’s view, he belongs in the same financial tier. From the Nets’ side, that comparison isn’t convincing enough. And as both parties hold their ground, the risk of his accepting the qualifying offer only grows stronger.

NBA insider Marc Stein recently explained the quiet around Thomas, saying, “Since there are no cap-space teams in circulation to emerge with an offer sheet to Thomas or fellow restricted free agents like Golden State’s Jonathan Kuminga and Chicago’s Josh Giddey, Brooklyn appears to be in no rush to expedite discussions with Thomas’ representation.”

And honestly, they don’t need to. No cap-space teams are left to offer him a deal. That lack of pressure is giving the Nets all the leverage they want for now. But the clock’s ticking, and eventually they’ll have to decide: build around him or move on?

Here’s the twist: Brooklyn still has cap space. Quite a bit, in fact. They’ve used $36.1 million on moves like trading for Michael Porter Jr. and Terance Mann. But even after those deals, they still have $28.1 million left. That number could grow or shrink depending on what they do with other contracts. If Thomas signs his $6 million qualifying offer, it frees up more space. But if they re-sign him with a big deal, they’ll burn most of it. It’s a financial puzzle, and he’s the piece no one knows how to place.

Timing, though, may be the biggest factor here. Under the current CBA, Brooklyn can’t carry more than $15.46 million in cap space into the regular season. That gives them two choices: spend or restructure. If Thomas waits too long, the Nets might fill that space with someone else. Teams like the Celtics or Raptors could jump in with trade offers if Brooklyn lowers their asking price. Or the Nets could spread out their cap space across smaller moves. Either way, Cam’s deal or lack of one could shape what comes next.

Why Cam Thomas believes he deserves a bigger payday than Brooklyn is offering

Cam Thomas is still waiting for a deal that matches his self-worth. More than a month into free agency, the gap between his demands and Brooklyn’s offer remains wide. He sees himself on the same level as several well-paid guards in the league. “A source familiar with Thomas’ thinking said he does not consider himself inferior to Immanuel Quickley ($32.5 million this upcoming season), Tyler Herro ($31 million) or RJ Barrett ($27.7 million).” That comparison is shaping how both sides are approaching negotiations.

The Nets, however, reportedly offered him a two-year deal worth $14.1 million annually. That is far below the $25–30 million range Thomas is targeting. And while he may have shown flashes of elite scoring, Brooklyn is clearly hesitant to commit. On the Locked ON Nets podcast, Brian Lewis explained the team’s mindset. “The Nets, as has been reported ad nauseam, are the only team that has significant money to spend. So they’re disincentivized to bid against themselves.” For now, Brooklyn is playing it safe.

On paper, Thomas may seem comparable to those names, but the deeper context paints a different picture. Herro, for instance, not only has an All-Star nod but also won Sixth Man of the Year in 2022. He averaged nearly the same points as Thomas last season, but did it over three times the games. Barrett, although not known for scoring, brings rebounding and playmaking that Thomas has yet to match.

Immanuel Quickley might be the most curious comparison. While his $32.5 million salary is the highest, his career scoring tops out at 17.1 points per game. Still, he holds advantages in efficiency and ball control. As talks stall, it’s likely Thomas takes the $5.99 million qualifying offer and tests free agency again in 2026