Thompson, Cavaliers don't agree to extension

According to Sam Amico of Fox Sports Ohio, the Cleveland Cavaliers and power forward Tristan Thompson have not come to an agreement on a contract extension. As a result, Thompson will become a restricted free agent next summer and will have a qualifying offer of roughly $6.7 million. The two sides had until midnight to come to an agreement.

ESPN's Brian Windhorst and Chris Haynes of the Northeast Ohio Media Group subsequently confirmed Amico's report.

Half hour until deadline for extension, told Cavs' talks w Tristan Thompson agent Rich Paul serious. Source: Offer worth more than $40 mil.

— Sam Amico (@SamAmicoFSO) November 1, 2014

Now told Cavs not gonna go for $48 million for Tristan Thompson. It appears he will enter restricted free agency at end of season.

— Sam Amico (@SamAmicoFSO) November 1, 2014

Update: Cavs have offered Thompson more than $48 mil. But either way, free agency not bad thing. He can test market in July, Cavs can match.

— Sam Amico (@SamAmicoFSO) November 1, 2014

If Amico's report is accurate, the Cavs and Thompson are in an interesting spot in negotiations. According to Amico the Cavs offered over $48 million to Thompson - meaning if Thompson had agreed, he would have made over $12 million per year in a four-year contract. It is worth nothing, however, that a few minutes before reporting the $48 million-plus figure, the Cavs wouldn't go for a $48 million dollar deal.

As Amico notes, the Cavs will be able to match any offer Thompson receives in free agency. If Thompson is indeed turning down more than $48 million, it seems that he is betting himself to have a big year and get an even bigger offer in free agency.