It could mean that an offer depends on who accepts. It could also mean the coach is not ready for offers. Our fall NESCAC OVs had 2x more athletes than offers and offers were not made until then.
It would be appropriate to respond to the coach thanking for the update, expressing excitement for the program and asking what’s next.
If there is an exploding offer at another school you can generally be upfront with the coach and ask where you are on his list.