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In order to secure their right of first refusal (and make their free agent a 
restricted free agent)  a team must submit a qualifying offer to their free 
agent by June 30.  When another team wants to sign a restricted free agent, 
it submits an offer sheet, the principal terms of which the original team is 
given 15 days to match.  The principal terms of the offer sheet cannot 
include non-cash forms of compensation.  For example, it doesn't work to 
offer Denver's free agent a house on the beach within 15 minutes of the 
arena, knowing that it's impossible for Denver to match those terms.  If the 
player's original team does not exercise its right of first refusal within 15 
days, the offer sheet becomes an official contract.