The clock has struck zero, but the game hasn’t even started.

The WNBA is currently facing one of the most turbulent and confusing offseasons in its history. December 6th—the date that marked the Golden State Valkyries’ expansion draft last year—has come and gone without a whisper of an official draft date for the incoming Toronto Tempo and Portland Fire. The league is effectively frozen in time, paralyzed by a high-stakes standoff over the new Collective Bargaining Agreement (CBA) that promises to shatter every financial precedent in women’s basketball.

But amidst the bureaucratic chaos, a storm is brewing in the Windy City that could reshape the entire league. The headline grabbing attention isn’t just about deadlines; it’s about a potential blockbuster exit for one of the game’s biggest stars: Angel Reese.

The Chicago Sky’s “Ruthless” Strategy: Protecting to Trade?

Reports indicate that the Chicago Sky are planning to protect Angel Reese in the upcoming expansion draft. On the surface, this looks like a no-brainer—why wouldn’t you keep your rebounding machine? But insiders suggest a far more complex, and perhaps cynical, game is being played.

Rumors have been flying that Reese has made it clear she wants out of Chicago. The chemistry issues that plagued the team last season were visible to anyone watching, and the fit simply hasn’t materialized as hoped. So, why protect a player who wants to leave?

Leverage.

Chicago knows they cannot allow a talent of Reese’s caliber to walk away for free to an expansion team like Toronto or Portland. By using one of their precious protection slots on her, they retain her rights. This allows them to shop her on the trade market, extracting valuable assets—draft picks, veteran talent, or cash—rather than watching her slip through their fingers for nothing. It is a cold, calculated business move that signals the end of the “Chi-Town Barbie” era might be closer than fans think.

This situation mirrors the dilemma facing the Dallas Wings with Arike Ogunbowale. The experiment of pairing Ogunbowale with a star-studded backcourt hasn’t yielded the expected dominance, and with the Wings likely eyeing Paige Bueckers in the draft, Dallas too might be looking to “protect and trade” their franchise cornerstone.

The Golden State Heartbreak

While Chicago plays 4D chess, fans of the Golden State Valkyries are bracing for impact. The Valkyries defied every expectation last season, selling out the Chase Center and building a rabid, loyal fanbase almost overnight. They proved that expansion teams could compete immediately.

Now, they are about to be punished for their success.

Under the expected rules for this year’s expansion draft, teams can only protect five players—down from six in the previous draft. For a deep team like Golden State, this is catastrophic.

“This is the heartbreaker,” analysts warn. “The Valkyries exceeded every expectation… but now they’re about to get gutted.”

Fan favorites and core contributors are left exposed. Names like Monique Billings, who brought essential veteran leadership; Tiffany Hayes, who came out of retirement to spark the offense; and Kate Martin, the rookie sensation whose jersey sales cracked the top five, are all potentially on the chopping block. Golden State faces the brutal reality of watching the roster they fell in love with being picked apart by the new kids on the block, Toronto and Portland.

The Caitlin Clark Effect & The Salary Cap Explosion

The delays in the expansion draft are inextricably linked to the massive financial restructuring of the league. The “Caitlin Clark Effect” has rippled through every corner of the WNBA, doubling and tripling TV ratings, shattering attendance records, and driving merchandise sales through the roof.

Now, the players want their share.

The proposed CBA changes are staggering. The current maximum salary of roughly $220,000 is set to become the new league minimum. Let that sink in. The average salary is projected to jump to $400,000 – $500,000, with a new “Supermax” tier exceeding $1 million annually.

This financial revolution is why everything is on hold. Toronto and Portland cannot build their franchises until they know the rules of the road. You cannot conduct an expansion draft in a vacuum. Teams need to know who they can afford, how the salary cap works, and what the free agency designations imply before they can make informed decisions.

Indiana Fever: Calm Amidst the Storm?

While panic ensues elsewhere, the Indiana Fever seem to be in a relatively stable position, much to the relief of Caitlin Clark fans. Their projected protected list includes the core four: Aliyah Boston, Caitlin Clark, Lexie Hull, and Kelsey Mitchell, along with Michaela Timms.

Some fans expressed shock at seeing Sophie Cunningham left unprotected, but this is where understanding the contract “nitty-gritty” is key. Cunningham is an unrestricted free agent. Unless an expansion team is willing to “core” her and pay her a max contract immediately, they are unlikely to waste a pick on her. Indiana’s front office is betting that the contract situation itself acts as a shield, allowing them to keep their sharpshooter without burning a protection slot.

A League in Limbo

The WNBA is currently a league of “waiting.” Waiting for a CBA. Waiting for a draft date. Waiting to see where the superstars land.

The Toronto Tempo and Portland Fire have already sold out their season tickets—a testament to the league’s exploding popularity—but they don’t have players yet. They are sitting in limbo while the rest of the league watches the clock tick.

As the offseason drags on, one thing is certain: when the dam finally breaks, the flood of trades, signings, and roster shake-ups will be unlike anything we’ve ever seen. The 2026 season promises to be a new era for the WNBA, but getting there is proving to be a messy, chaotic, and high-stakes battle.

For now, all eyes are on Chicago. Will they pull the trigger on an Angel Reese trade? And if so, who has the assets—and the nerve—to make the deal of the decade?

Stay tuned. The offseason is just heating up.