What happened: Gillian Zucker raised potential player endorsements while discussing Aspiration’s sponsorship business with the Clippers. Wachtell continues to investigate related conduct.

Why it matters: The open inquiry leaves the scope of the cap-circumvention case unsettled after the NBA fined the Clippers $30 million and stripped five first-round picks. Further findings could broaden scrutiny of team-facilitated endorsement arrangements.

What to watch: Watch for additional findings from Wachtell and any corresponding NBA action.