What is the impact of C's qualifying offers for Terry Rozier and Daniel Theis?

The Celtics have formally extended qualifying offers to Terry Rozier and Daniel Theis ahead of Saturday's deadline, making both players restricted free agents when free agency opens up on Sunday, per a team source. The team also declined to make a qualifying offer to Brad Wanamaker, which will make him an unrestricted free agent this summer. Adrian Wojnarowski of ESPN was first to report the offers.

Let's examine the implications of these expected moves when it comes to the C's free agency plans.

What is a qualifying offer? 

If the Celtics want to make any eligible player a restricted free agent (i.e. someone coming off their rookie contract), they must extend a qualifying offer before free agency begins. The qualifying offer is a binding one year contract that a player can sign at any time while it is being extended. A qualifying offer can be revoked at any time by the team up until July 15. It's a different amount for each player based on their draft slot or the type of rookie contract they signed.

Terry Rozier: $4.29 million

Daniel Theis: $1.8 million 

What are the implications of Rozier's qualifying offer?

The Celtics will be operating as an above the cap team for the time being by extending this qualifying offer to Rozier. They have also maintained their cap holds on Marcus Morris, Al Horford, Kyrie Irving, as free agency begins. All of those holds can/will need to be renounced if the team elects to sign Kemba Walker with cap space. That may eventually happen on July 6 when the league moratorium lifts and players can start officially signing deals. For now, the Celtics will likely explore alternative scenarios involving Rozier and their other cap holds, such as sign-and-trades.

Is there any risk in giving Rozier a qualifying offer for the Celtics cap room?

Not really. His qualifying offer is so small ($4.29 million) that there is no real risk Rozier will sign for that money and mess up the team's cap situation for Walker. Due to that, there's essentially no downside for the Celtics here. They maintain control over Rozier until they don't want it anymore. At that point, they will renounce his qualifying offer and make him an unrestricted free agent.

How could Rozier's restricted rights help the Celtics in the meantime?

It's a long shot for him to return, but he's obviously insurance in case Walker has a surprise change of heart sometime in the next week. There's also a small chance that Rozier could be used as part of a bigger sign-and-trade deal that could help net the Celtics an asset. The Hornets have reportedly shown some interest in Rozier since they will have a pretty big opening at the point guard spot, but they will have limited means to sign him (just the mid-level exception). A Rozier for Walker sign-and-trade wouldn't work but if the C's pull off something bigger with Al Horford involving a third team, the Celtics could work Rozier to Hornets into the deal, if both sides are interested in reach terms. The most probable scenario is simply for Rozier to become an unrestricted free agent after Walker can put pen to paper but the Celtics will want to explore these paths in the meantime. Horford's sign-and-trade possibilities could open the door

What's the plan for Daniel Theis?

The Celtics have a big hole in the middle obviously this summer and one candidate to fill some of those minutes is Theis. Unlike Rozier, his qualifying offer won't have to be renounced to create cap room for Walker (since it's so small), which means the C's can still keep him if they sign Walker outright with cap room. It remains unclear just how much interest Theis has in returning to the Celtics but an opportunity for playing time will certainly be available. The Celtics have the ability to sign him for up to a two-year deal for up to league average salary money (Arenas Rule) so they won't be outbid for his services by other suitors based on performance. There is a legitimate question on whether he will want to stay stateside or return overseas, but if he returns to his healthy peak (think two years ago before torn meniscus), that's a starting caliber player in Brad Stevens' system at the center spot. The Celtics will be targeting other established names on the free agent big market as well, but they will need several players to fill out the frontcourt. Theis will have a chance to compete for minutes if he returns and his familiarity with the system should help as well.

Goodbye Wanamaker?  

The 29-year-old point guard probably deserved more of an opportunity last year in Boston but the fact the team did not extend a qualifying offer to him (combined with the drafting of Carsen Edwards) makes it a bit of a long shot that he will be back. The team is pretty set in the backcourt now (Walker, Smart, Brown, Edwards, Langford, Hayward) so unless there is some kind of trade for a big, the guess here is Wanamaker will be searching for more opportunity elsewhere for playing time. If he's open to a third-string role, the team could bring him back though at the veteran's minimum.