Ahead of their matchup with the Clippers, 110 minutes prior to game time, the Bucks announced one expected move and one somewhat unexpected. First off, they are converting forward Pete Nance from his two-way contract to a standard, multi-year deal. But in order to do that, they needed to open up a slot on their 15-man roster (two-way players aren’t included in that number), so they elected to waive guard Cam Thomas. That one’s a bit surprising.
Let’s begin with Nance: he had just one game remaining
of his 50-game eligibility given to two-way players, so if Milwaukee wanted to make him active in any NBA game after tonight, he would have to be converted to a standard deal before the deadline for doing so on April 12th. He’s impressed a fair bit since first seeing rotation minutes in mid-January: while he averages just 4.5 MPG in 12.1 MPG, he shoots a stellar 56.4% from the field and 47.9% from deep. That comes with what appears to be capable perimeter defense; I’ve heard his athleticism compared unfavorably to his older brother Larry Jr. and his father, a former All-Star, but he moves his feet quite well and stays in front of his mark. His playing time ebbed a little bit in February, though he’s since been pretty consistently above 15 each contest.
All that considered, the 26-year-old looked a lot like part of Milwaukee’s future, and he seemed a near-lock to be promoted from his two-way. While contract terms haven’t been reported yet (we’ll update this story when they are), it will likely be a minimum deal, and include team options and/or non-guaranteed salary after this year. This is typical of late-season two-way conversions, so he may still have to earn his 2026–27 roster spot during camp, if not in Summer League.
The 6’9” Northwestern alum will make about $277k the remainder of the year; his minimum salary is projected to be just under $2.6m in 2026–27, which will be his cap hit if it is a three-year deal. If this is a two-year deal expiring in summer 2027, his cap hit will be just under $2.5m. Milwaukee technically opened a two-way spot converting Nance, but the deadline to sign two-way players was March 4th, so it’ll remain open into summer.
Now onto Thomas. After four-plus years in Brooklyn, the high-scoring 24-year-old was waived mere minutes after the NBA trade deadline on February 5th. And not long after, the Bucks were reported as interested, so he signed on February 8th. According to Thomas himself, Milwaukee had been interested in him for years and apparently sold him as being a part of their future. No reason to believe Thomas was lying about this, but it appears their calculus changed.
The results looked good early, with a 34-point outing in his second appearance with the Bucks on February 11th, then 27 two games later. Since then, however, he’s struggled to make a similar impact. He was in double-digits in just five of his following 14 games and shot a poor 37.8% from the field. A slightly below average three-point shooter (34% for his career), he dipped to 25% on 32 attempts after that February 20th game. All told, he put up 10.7 PPG as a Buck on .431/.275/.754 shooting, all beneath his career averages.
At 6’4”, he’s too small to play anywhere but guard, and doesn’t have any defensive chops. While he can sometimes create for others and move the ball, he’s mostly a ballstop, though one really good at creating his own shot and getting to the line. His free-throw rate jumped in Milwaukee, but he sank them 10% less often than his career 85.8% as a Net.
Thomas will return to the free-agent market and perhaps hope to sign with a playoff team, which he may have thought he was doing when signing with the Bucks. Even though he was waived on March 23rd, he remains eligible to appear in postseason games with other teams since he was waived after March 1st. His $845k cap hit will stay on the Bucks’ ledgers until the end of June, but Milwaukee is far beneath the luxury tax line and can afford to keep that while adding Nance’s $277k.
What’s surprising here is that Milwaukee is waiving Thomas just over a month-and-a-half after signing him instead of Andre Jackson Jr. These were always the two most logical release candidates when it became clear Nance should be converted because they could be the Bucks’ only two unrestricted free agents this summer outside of Thanasis Antetokounmpo, who obviously wasn’t getting cut. Jackson has a fully $2.4m non-guaranteed team option for 2026–27, so waiving him or Thomas, who has no money due to him next year, means Milwaukee would owe $0 to either after the season. Gary Harris, Gary Trent Jr., and Taurean Prince each have player options for next year worth $3.8–3.9m; if the Bucks waive one of them, that $3.8m would need to be stretched over three years, so $1.3m in dead cap every season through summer 2029.
However, I got some intel last week that Jackson was the release candidate, echoed by some comments from Doc Rivers during a pregame presser. Jackson was a key rotation piece much of last season, even starting 43 games, but has been relegated to garbage time in 2025–26. In 37 games, he’s averaging just 2.7 PPG on a stinky .258/.176/.900 shooting in 5.9 MPG. Strictly a defensive player at this point, he’s never broken into this year’s rotation and has played upwards of 10 minutes just five times. He’s had 33 DNP-CDs and saw no on-court action for over two weeks surrounding New Year’s.
Rivers’ reticence to play him during a lost season seemed to spell doom for his NBA future, but he’ll survive for now. In fact, Thomas had increasingly been on the outs lately too, with two DNP-CDs last week after just three minutes on March 12th. So it’s not exactly out of the blue, and you’ll certainly find fans who agree with Doc benching him, given some of his struggles in Milwaukee. With Giannis injured again, Thomas got back on the floor for 23 then 15 minutes since Thursday, but a 14-point outing followed up by seven on Saturday wasn’t enough to save him.
Nevertheless, signing him was a low-risk endeavor, and with Nance looking the part of a future rotation piece, there is nothing to be mad about moving on from Thomas. Sure, maybe some preferred Jackson and would have given Thomas a new contract this summer, but in either case, the Bucks assure themselves of keeping Nance, which is the more important part. All that’s actually changed here is the decision between retaining Jackson or retaining Thomas into 2026–27. Best of luck to Thomas elsewhere, and we’ll always appreciate that first week.
