Batum cannot sign the offer sheet until July 11 but by merely agreeing to it on that date, his cap hold -- now about $5.4 million -- would increase and thereby endanger Portland's ability to make a max-contract offer to Hibbert. When Batum, or any restricted free agent, signs an offer sheet, the cap hold with his original team immediately becomes the figure that he's signed for on the new offer sheet.
So if Batum's cap hold goes from $5.4 million to something over $10 million, the Blazers would be left with somewhere around $12 million of available room.
If Portland wants to offer Hibbert a max contract, it is believed the first season of that deal could approach $14 million, so Portland would either be unable to make the offer or would have to cut or trade a player to create more space. It would also likely mean the signing of Hibbert would be Portland's only free-agent move, because no cap room would be left for anything else.
The best scenario, of course, would be to get Batum to hold off on signing anything until Portland's moves are finished, but that's highly unlikely. Or the Blazers could simply just let him walk -- but this is a player the new general manager has called a "cornerstone" of the franchise.
Either way, it is not a preferable situation for the Trail Blazers.