Section 1. General Rules.
(a) Subject to the provisions of Article VII, including, but not limited to, Article VII, Section 6(b), and subject further to Article II, Section 14:
(i) an Unrestricted Free Agent is free at any time beginning on the first day of the Moratorium Period to negotiate, and free at any time after the conclusion of the Moratorium Period to enter into, a Player Contract with any Team; and
The point is to negotiate and reach an agreement on a contracts terms.
I’m unaware of any kind of business where you can reach an agreement on all material terms and back out prior to execution without suffering consequences. Particularly when the parties start acting like a deal is in place