If a player accepts a qualifying offer, he then signs a one-year contract with his current team under the terms of the offer. If the player rejects the qualifying offer, or has not yet accepted it, he is able to negotiate offer sheets with other teams. Qualifying offers are required for a team to retain a player's rights, but in most cases the player and team will agree to a contract differing from the qualifying offer. Should the player sign an offer sheet with another team, his current team is notified and can no longer negotiate a new contract or trade the player rights to another team. The current team has 7 days to make a decision whether to match the offer sheet, or decline and receive draft pick compensation from the team making the offer sheet.