Here’s the skinny from CelticsBlog’s Keith Smith:
As two-way players, the restricted free agency process is slightly different for both Fall and Waters. An opposing NBA team can sign them to an offer sheet for a standard NBA contract. Boston would then have the right to match those contract terms.
If Fall or Waters were to sign their qualifying offer, they would return to the Celtics on a second Two-Way contract for the 2020-21 season. Following that, the qualifying offer process would repeat in the summer of 2021.
Last summer, Boston signed him to an Exhibit-10 contract and then turned it into a two-way deal before the start of the season. Their investment in him paid off in the G-League. Playing for the G-League’s Maine Red Claws, Fall averaged nearly 13 points, 11 rebounds, and three blocks in 29 games in Portland and was named to the All-Defensive Team. He rarely saw meaningful minutes with the big league, but quickly became a fan favorite in Gino Time.
Waters was drafted 51st in the 2019 NBA Draft, but the second rounder has a chance to join the rotation next year. With the Celtics not extending Brad Wanamaker a qualifying offer today, the back up point guard is open. Waters will compete with this year’s #26 pick Payton Pritchard as the G-League’s Rookie of the Year, averaging 18 points and 7 assists.