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The NBA is one vast waiting room.

On one side, players sit around, sweating out a decision from LeBron James, the summer’s most decorated free agent, who has yet to choose a new team. Once he does, they will receive a better grasp of their own futures.

On the other side are the players whose destinies require a conclusion to the Aspiration investigation, where the NBA is looking into the LA Clippers and Kawhi Leonard for alleged salary-cap circumvention. For now, Leonard’s trade to the Toronto Raptors is on hold. The organization won’t acquire him until it knows for certain whether he will incur a penalty. The league has not ruled out the possibility of suspending Leonard or voiding his contract.

So, the Raptors wait for Leonard. The Miami Heat, Cleveland Cavaliers, Philadelphia 76ers and Golden State Warriors wait for James. And plenty of other individuals are tied to their situations, too.

Here is a look at each element of the NBA that James’ and Leonard’s situations have put on hold:

James Harden’s free agency

Because it’s a foregone conclusion that Harden will remain in Cleveland, one offseason storyline has gone under the radar: Harden, who the Cavaliers traded for earlier this winter, remains unsigned. And it’s not because he has a stray eye or because the Cavs have secretly developed buyer’s remorse. It’s because of the hunt for James, the homegrown four-time MVP who could return to the place he began his career.

James’ hypothetical salary would factor into whatever the Cavs could pay Harden, who made $39.4 million last season. Re-upping for a comparable salary would send Cleveland over the second apron, a payroll threshold it hopes to avoid in 2026-27. And because the team got so expensive, it would limit its ability to pay James, who could receive only a minimum contract.

Harden will earn less money next season than he did in the last one regardless, though he’ll receive more than just a one-year deal to make up for it. If James were willing to play for the minimum, then Harden could slice his salary closer to $30 million, and James could head to the Cavs, who could still stay below the second apron. But if James wanted more than a minimum salary, then it would take more than just a pay cut from Harden to land him.

Max Strus’ and Dennis Schröder’s homes

The Cavaliers require a second step to pay James more than the minimum. Let’s say Harden re-signs for a 2026-27 salary of approximately $30 million. Evan Mobley and Donovan Mitchell both make more than $50 million this season. Jarrett Allen is due for $28 million. That leaves two mid-sized salaries Cleveland could dump.

Strus and Schröder make $16.7 million and $14.8 million this season, respectively. Attach a draft pick, and the Cavs could drop either into another team’s space. Schröder, especially, might be the easier one to trade — and not only because Strus would still be a productive fit coming off the bench on a squad that included James. Schröder’s salary is small enough that the Cavaliers could trade him into another team’s midlevel exception, which would allow them to take zero money back.

But if James is willing to take the minimum, then Cleveland doesn’t need to shed any of its rotation players. And if he doesn’t sign at all, then the Cavs are in a different financial (and on-court) place, too.

Draymond Green’s free agency

If Green and the Warriors didn’t have such a long-standing relationship, he might not be a free agent at all right now. The 14-year veteran turned down a $27 million option to enter a market that wouldn’t pay him nearly that much. He had no intention of leaving Golden State, but he did hope to help the only organization that had ever employed him.

The Warriors already have two giant salaries on their books: the ones belonging to Stephen Curry and injured star Jimmy Butler. They are making a play for James. Add another giant direct deposit, and the ability to pay him goes out the window. But Green declining the option gives them financial flexibility.

As of now, Golden State is nowhere near either apron. If James chose to go there, it could use the $15 million midlevel exception to sign him, then re-up Green to a smaller deal. If James flocked elsewhere, then the Warriors could still give Green big money to come back. Of course, there is another element at play here.

Anthony Davis’ immediate future

The following is a plea for a new NBA rule:

Just last week, Bob Myers, the president of the company that owns the 76ers, appeared on “Game Over,” a podcast that James’ agent, Rich Paul, co-hosts. Myers’ mission was to pitch James on Philadelphia. Election rules should apply to such interviews.

Paul’s podcast should observe the same rules as political journalists, who must provide equal airtime to political candidates. Each episode should feature a new front-office head who is wooing James. Bring on Koby Altman, Pat Riley and Tim Connelly. And then host a special edition show with two lead executives: Mike Dunleavy Jr. from the Warriors and Michael Winger from the Washington Wizards — and make them negotiate an Anthony Davis trade in front of the cameras for the world to see.

This would truly be unprecedented podcasting.

Until then, we don’t know for certain where Davis will play next season. The Wizards have expressed no interest in trading him, league sources who spoke on condition of anonymity to describe the deliberations, told The Athletic, but they also acquired him for a minimum package less than a year ago. If James were to tell the Warriors that he’d go there as long as they acquired Davis too, then Washington would hold the leverage. And if Golden State offered a luscious return for James’ former running mate, the Wizards would have no choice but to listen.

All this and more should be on Rich Paul’s podcast.

The schedule makers

The NBA has already begun mapping out the schedule for the 2026-27 season, but it won’t be easy to finalize any matchup until it knows where James will play.

Ever since he entered the league in 2003, James has provided a bump in viewers. Wherever he plays — whether he goes home to Cleveland, teams up with Curry or shocks the world and signs with a G League team — shows up on national television more than it would if he were not in town. On Christmas, which features the league’s marquee squads, he settles into the primetime slot.

Only a handful of players hold such influence, one of whom is a guy he could join next season, Curry. Why should the league jump the gun with its schedule before it knows its biggest draws?

DeMar DeRozan’s free agency

The rest of the NBA saw one move from the Sacramento Kings coming. A team that lost 60 games last season was in danger of paying the luxury tax, and its only reasonable path out of financial danger was to waive a 36-year-old scorer, DeRozan.

Now, DeRozan’s prospective new teams include ones affected by both James and Leonard. The Heat have tossed around the idea of DeRozan for years, league sources said, but they are in on James. If they don’t acquire one wing scorer, then maybe they turn to another. After all, DeRozan may no longer be an All-Star, but he still averaged more than 18 points last season.

Either of the Los Angeles teams have been long-rumored DeRozan destinations. Of course, whether the Clippers still employ Leonard would affect their ensuing decisions. The Raptors, where DeRozan began his career, could turn to him if the Leonard trade were to fall apart.

For now, of course, they do not know.

Toronto announced last week that it had delayed the previously-agreed-upon trade for Leonard, pending the results of the league’s investigation into whether or not the Clippers circumvented the cap while signing Leonard to an extension in 2022. The Athletic’s Mike Vorkunov detailed the latest on the situation earlier this week.

For now, the penalties for the Clippers’ or Leonard’s alleged rule-breaking are not clear, which means the Raptors can’t know if Leonard will incur a suspension or, worse, if the NBA will void his contract. The timeline to find out remains murky. Commissioner Adam Silver said at a news conference Tuesday that he expects the investigation to conclude “this summer.” So, DeRozan must wait.

As must the Raptors.

The Raptors’ current and future roster

It’s not just people who are antsy for the Leonard investigation to finish; it’s also the inanimate hope of future players. Let’s say, hypothetically, that the investigation into Leonard results in a significant suspension but not the severing of his contract. The Raptors could still choose to do the trade but for a lesser price.

As of now, they are sending Brandon Ingram, Grady Dick and two first-round picks to the Clippers for Leonard. But if they know Leonard is limited to fewer than 82 games, they could reasonably insist upon removing, say, a first-rounder from the deal. If they did, how might the Clippers respond to that? Could they demand another Raptors player in the trade to make up for the vanished first-rounder? If they do, does adding another player change the construction of the trade elsewhere?

If the trade does go through as is, then other questions about the Raptors sprout up — namely, what is to come of RJ Barrett, the 26-year-old switchblade entering the final season of his contract and eligible for an extension this summer. Barrett was an essential member of the Raptors last season. A half-court offense that lacked shooting went dormant when he wasn’t around.

Barrett might not be a 3-point marksman, but he was Toronto’s relentless driver in 2025-26, its most constant attacker of the rim and thus its most prolific producer of both layups and 3s. If Leonard is absent, then the Raptors need Barrett. But if he’s in town, then Barrett’s circumstances become more interesting. The Raptors could extend him, hold onto him until he reaches free agency next summer, or trade him in anticipation of his possible departure.

Peyton Watson’s free agency

Watson is not a second option for teams that miss out on James. He is not involved in the proposed Leonard trade. He has no ties to the Cavaliers, Heat, 76ers or Raptors. The Denver Nuggets forward is merely a restricted free agent trying to get paid after a career season. And his best chance to do so might be with the Leonard trade to Toronto going through as currently constructed.

Last summer, the Nuggets signed Christian Braun to a five-year extension, which kicks in for 2026-27. The contract represented a choice. Given their inevitable financial constraints during summer 2026, they were choosing Braun, a third-year guard at the time, over Watson, a member of the same draft class who was also eligible for an extension.

Now, Denver is over the first apron and perilously close to the second. There is not enough room to re-sign Watson and stay below it, which means Watson is likely gone — though his next home is unclear.

Because cap space around the NBA has dried up, Watson’s best chance to get paid is via sign-and-trade, inking a new contract with the Nuggets, who would then simultaneously flip him to his new team. But Denver would only agree to such a trade if it retrieved ample value for one of its most important players. And that’s where the Leonard situation sneaks into the equation.

The Clippers have expressed interest in signing Watson but would require draft picks to get the Nuggets to bite. And if the Leonard trade fails to go through, wiping LA of two more first-round selections, then they may not be as willing to eat into their future picks.