September RFA Watch: Where Cam Thomas and Others Stand Now

The top three headliners of the NBA's 2025 restricted free agent class were undisputedly Jonathan Kuminga, Josh Giddey and Cam Thomas. The trio hit the open market on July 1 and were able to speak to other teams in hopes of landing a long-term deal, which their current franchise could match in an attempt to retain the player.

Now two days into September, not one of them has signed a new contract. All three remain available, and barring an unforeseen development, that fact doesn't appear to change anytime soon.

Thomas, the most polarizing of the bunch, could possibly play the 2025-26 season with the Brooklyn Nets on the qualifying offer—allowing him to weigh his options and sign wherever he pleases come next summer. The 23-year-old has likely had the most dramatic negotiation period with his current organization (which says something considering the toxic relationship Kuminga seems to have with the Golden State Warriors), and the standoff doesn't yet have an end in sight.

Kuminga has certainly garnered the most outside interest of the three, largely due to his potential. Kuminga has been linked to Brooklyn and Sacramento, among others, and is the likeliest of the restricted free agents to be playing elsewhere in 2025-26. There's a strong chance he, too, plays on the qualifying offer next season, but a lack of fit in Golden State could make him an intriguing trade target come February's deadline.

Then there's Giddey, who hasn't generated much noise at all during his negotiations. Like Kuminga, he's reportedly seeking upwards of $30 million annually, and like Kuminga, it's hard to imagine him getting such a deal. Giddey's name has also been thrown around in relation to the Nets, but more so from a "projected fit" standpoint rather than a true declaration of interest.

Of course, there are other restricted free agents who have yet to sign—including Quentin Grimes—but the main draw is the big three.

Out of Thomas, Giddey and Kuminga, the Nets' two guard is the likeliest to potentially see his role diminish. Brooklyn added another pure scorer, Michael Porter Jr., this summer, who could immediately rival Thomas' offensive production should he return.

If Thomas and the Nets aren't able to come to terms on a new contract and he does end up playing on the qualifying offer, it seems that the end of his tenure in Brooklyn would be near. Obviously, anything can happen, but as of September, it doesn't seem likely.