No huge surprise here, but the 76ers will tender qualifying offers to both Thaddeus Young and Spencer Hawes. The qualifying offers can be extended any time now, but the team is expecting to get it done by the middle of this week. This is a slightly complicated process, but what happens is that once the Sixers tender each player a qualifying offer, the team earns the right to match any offer made to the player in the free agent market.
Beginning July 1, both Young and Hawes will become restricted free agents. Because of the potential lockout, which will begin at midnight on July 1, this might not even come into play for some time because there will be a moratorium on such actions during a lockout. But what will happen is that Young and Hawes will be free to sign an offer sheet from any other team. At that point, the Sixers will have exactly seven days to match the other team's offer. If the Sixers do match, they have retained that player's rights for the amount and duration of the offer sheet the player signed.
If a player is not signed to an offer sheet during the free agent period, he is under contract (thus the qualifying offer) to play for the Sixers during the 2011-12 season at the price point of the qualifying offer. Young's qualifying offer is approximately $3.99 million; Hawes' offer is approximately $4.05 million.
If you want further explanation of this process, it can be found in an earlier post about Young's future: Deep Sixer post.