Are Eric Bledsoe and Phoenix Suns Reaching the Point of No Return?

October 1 is fast approaching, and with it comes the merciful conclusion of the messy, drawn-out non-negotiation between the Phoenix Suns and Eric Bledsoe.

Though recent reports gave off the appearance of change on the offseason's stubbornest enduring stalemate, we quickly learned nothing was afoot.

To recap, ESPN.com's Brian Windhorst reported the Minnesota Timberwolves were making a "final push" to grab Bledsoe in a sign-and-trade deal with the Suns. According to Windhorst, the Wolves offered Bledsoe a four-year, $63 million max contract.

Of course, the Wolves are over the cap, making it impossible for them to make such an offer unless it was part of a sign-and-trade deal. Adrian Wojnarowski of Yahoo! Sports promptly reported the Suns had no interest in such an exchange.

James Herbert of CBS Sports explained the possible motivation behind this latest round of news-cycle fodder:

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So, why were we even talking about Bledsoe potentially going to the Wolves? Perhaps Flip Saunders' front office wants to be seen as aggressive in trying to improve the team. Perhaps Bledsoe's agent, Rich Paul, wants to establish that his client is a max player. Regardless of how this got out there, it would be a shock for anything to come out of it.

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Turns out the appearance of progress—when generated by teams and agents with agendas—isn't the same as actual progress.

Still Stuck

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As it stands now, Bledsoe is in a position where no team with the ability to sign him to the max deal he wants has the financial ability to do so. His best offer to date was the four-year, $48 million pact the Suns shoved across the table months ago—a deal he quickly declined.

Tensions remain as frayed now as they were when Bledsoe told Kyle Burger of WVTM-TV in July: "I can understand the Phoenix Suns are using a restricted free agent against me.  But I understand that."

As Bledsoe's stated understanding indicates, this isn't a situation where one side is trying to take advantage of the other. What's happening here is the direct result of the rules governing restricted free agency.

The Suns have no reason to move off their number. They already offered Bledsoe a contract and would be crazy to bid against themselves at this late juncture.

And Bledsoe has no incentive to sign his $3.73 million qualifying offer before the Oct. 1 deadline, because doing so would eliminate whatever slim chance still exists of another team working out a trade to extricate him from the desert. Or perhaps Bledsoe hopes the Suns, concerned about the scars of this summer's impasse, will ship him out for pennies on the dollar just to preserve team harmony going forward.

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Of course, the Suns' lack of interest in the Wolves deal indicates that's not a likely resolution, either.

Ultimately, the Suns retain all of the power in this situation because, according to Larry Coon's CBA FAQ, Bledsoe has just two options available to him right now: He can sign the qualifying offer...or not. And if he doesn't sign that offer by Oct. 1, Coon explains how Bledsoe would end up right back in the restricted free-agency situation he's stuck in now:

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If he doesn't sign a qualifying offer, a contract, or an offer sheet for one year, his prior team can submit a new qualifying offer (or maximum qualifying offer), and the player becomes a restricted free agent again the following offseason.

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Knowing Bledsoe's limited options, it's pretty clear how this situation is going to shake out.

E-Bled wants a long deal at max salary, and he can't get one of those right now.

He can get one, in theory, if he signs the qualifying offer and plays out the 2014-15 season in Phoenix before hitting unrestricted free agency next summer—which, in addition to being his only move, would also have the benefit of putting Bledsoe on the market after the NBA's salary cap potentially increases next summer, per Grantland's Zach Lowe.

Nearing the End

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Despite the absence of malice, this summer has caused real damage to the Bledsoe-Suns relationship—damage that feels particularly unsatisfying because there's really no bad guy to blame.

Bledsoe and his camp have one value they think is fair, and the Suns have another. The fact that they don't agree isn't a sign of one side trying to get over on the other; it's just a difference of opinion.

If you're the Suns, you definitely want to see if Bledsoe can survive a full season as a starter without injury—something he's never done.

If you're Bledsoe, you want to lock in the max because your numbers, when healthy, indicate you're worth it. And you might also want that long-term cash because deep in the recesses of your otherwise hyper-confident psyche, you're also a little worried about how your body will hold up.

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Of course, if Bledsoe were really so concerned about his health, he probably would have snatched up that $48 million right away.

For every justification on one side of this scenario, there's an equally compelling one on the other. Hence the status quo that has persisted for nearly three months.

We're closing in on the conclusion of this summertime saga between Bledsoe and the Suns, though it's misleading to call it "the point of no return."

Because Oct. 1 will be precisely the point at which Bledsoe will have no choice but to come back.

Let it never be said the NBA and its restricted free-agency rules lack a sense of irony.