Klay Thompson has spent his entire 13-year NBA career with the Golden State Warriors. During that span, he’s earned five All-Star nods, made two All-NBA teams and helped them win four championships.

Thompson suffered an ACL tear during the 2019 NBA Finals, but the Warriors re-signed him to a five-year, $189.9 million contract that summer. He’s again set to become an unrestricted free agent this offseason, although negotiations don’t seem to be going quite as smoothly this time.

On Saturday, Anthony Slater of The Athletic reported “there’s been no productive discussion between the Warriors and Thompson or his representatives” and that “nothing is currently on the table.” He added that “Thompson’s exit from the only franchise he has ever known feels closer and more probable than ever before.”

The NBA’s new collective bargaining agreement is likely playing a role in that.

The Warriors have been above the league’s luxury-tax threshold in each of the past four seasons, which has made them subject to the dreaded repeater tax. Teams that are taxpayers in three of the previous four seasons have to pay a higher rate per dollar spent over the tax threshold, which has caused the Warriors’ overall roster costs to balloon to stratospheric heights.

Last season, for instance, the Warriors had an NBA-high $205.6 million payroll and $176.9 million luxury-tax bill. They finished 44-38 and didn’t even win a game in the play-in tournament. It’s hard to argue that was money well-spent when the total adds up to nearly $400 million.

The Warriors fared better in 2022-23—they went 53-29 in the regular season and made it to the Western Conference Semifinals—but they had a $188.5 million payroll and league-leading $163.7 million tax bill that season. They had an NBA-high $170.3 million luxury-tax bill in 2021-22 as well, but at least they paid it off that season by winning a championship.