The Denver Nuggets paid up.
And now Spencer Jones won’t leave town and head to a rival.
The Nuggets matched a two-year, $12 million offer sheet for Jones from the Oklahoma City Thunder. The deadline was Sunday night and Jones will be staying in Denver the next two seasons.
The Denver Nuggets are matching the Oklahoma City Thunder’s two-year, $12 million offer sheet on Spencer Jones, retaining the key forward in restricted free agency, sources tell ESPN. Nuggets valued keeping their homegrown player whom they landed on an undrafted deal in 2024.
— Shams Charania (@ShamsCharania) July 27, 2026
And this is a big swing by the Nuggets front office. They’ve now entered the second apron, but Charania notes Denver “could shed money via trades in season.” They’re the only NBA team currently in the second apron.
According to ESPN’s Bobby Marks, Denver matching the offer sheet increases their repeater tax penalty from $36.4 million to $68.6 million. Such is life with the way the league is currently constructed, but the Kroenke family is apparently willing to write the checks.
Of course, none of this is factoring in the future of restricted free agent Peyton Watson. Marks notes that once the Nuggets kept Jones and (hypothetically) sign Watson for $23 million per year, their tax penalty would be $238 million before payroll.
The Kroenke’s have billions and billions of dollars, but that’s a harsh fine. We’ll see what it means for Watson. And with Jones back the attention turns that way, with many Denver fans hoping for a resolution sooner rather than later.
But Denver will be happy not to have to replace Jones, a sneaky good rotation player last season. He started three of six playoff games after Aaron Gordon was hurt and made 69.2 percent of his three-point shots in the series against the Timberwolves. Jones is also known for his defense and relentless effort.
The Nuggets have watched Tim Hardaway Jr., Jonas Valanciunas and David Roddy all leave this summer, so retaining Jones is finally a piece of good news.
The Nuggets still have Nikola Jokic and the championship window remains open — even if some around the NBA are skeptical.
