Players eligible for restricted free agency (RFA) must receive a qualifying offer from their team to become RFAs; otherwise, they become unrestricted free agents. Qualifying offers, which vary based on the player’s previous salary, range from 105% of a player’s last salary for those earning under $1MM to the lesser of their last salary or 120% of their cap hit for those earning $1MM or more. Players can accept their qualifying offers, leading to a one-year contract, or negotiate new deals after the offer deadline, which is typically June 30, expiring on July 15 if not extended.
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How Do Qualifying Offers Work?
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