The Houston Rockets have received a signed offer sheet for Chandler Parsons from the Dallas Mavericks, according to USA Today's Sam Amick, so a sign-and-trade will not be possible. Mavericks general manager Donnie Nelson said on Thursday that they might be able to work something out, but that's reportedly out the window now.

This means Houston has 72 hours to match Parsons' contract or lose him for nothing. If it intends to clear cap space, sign another major free agent and then go over the salary cap to retain Parsons, Rockets general manager Daryl Morey will have to start sorting things out quickly.