Kudos to Josh over at Cuse Country to finding this (as part of his fantastic post-draft Cuse player wrap-up that you must read post haste). Demetris Nichols can inform his landlord that he'd like to keep his current month-to-month lease for at least a little while longer. That's because The Bulls have extended a qualifying offer to him. So what the hell does that mean? Just a fancy was of saying Demetris is a restricted free agent, so if someone else is interested in his services (presumably not the Knicks or Cavaliers), Chicago has the right to match it. It also means that Nichols is going to get a 25% raise, which is nice.
Hopefully, this all means that Demetris can go from being a renter to a buyer very soon. Also, fingers crossed that it means his days are Iowa are behind him.