Kristi Lynn Gibson isn’t making an honest man out of Bret Michaels just yet. Star magazine had reported that the two were engaged which according to Bret is not true. Bret cleared up the engagement rumors during an interview on the CBS Early Show this morning.

“No. We are not engaged yet. We’re a work in progress.” Although Gibson has been spotted with serious bling on her finger, Michaels called it “a promise ring … a friendship ring, with benefits. That’s what we call it.”

The benefits are he gave her two kids, will financially take care of her and his children for the rest of their lives, give Kristi hot sex whenever she wants it, and promise to never take his wig or bandana off. There’s a better chance of him marrying his bandana and wig than tying the knot with Kristi. He has a serious commitment phobia!